Now Reading: ED probes Rs 5,000 crore cross-border crypto transfers
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ED probes Rs 5,000 crore cross-border crypto transfers
The Story in Brief
The Enforcement Directorate (ED) on Thursday, 29 October 2026, said it is investigating alleged cross-border financial transactions using cryptocurrency, particularly stablecoins, amounting to approximately Rs 5,000 crore. The agency conducted searches on 27 October at three locations in Bengaluru and one in Madhya Pradesh under the Foreign Exchange Management Act (FEMA).
The probe targets RPFAS Technologies Private Limited, which operates the platforms Mudrex and Saber.money, and the decentralised finance protocol Instadapp, also operating as Fluid. The ED alleges that RPFAS Technologies advertised instant cross-border money transfers via cryptocurrency without RBI authorisation. Instadapp, projected as a US-based enterprise, is allegedly managed from India by its founder Sowmay Jain.
Preliminary findings estimate FEMA contraventions of Rs 4,600 crore by RPFAS Technologies and approximately $40 million (about Rs 380 crore) by Instadapp. The ED claims the operation used shell entities in jurisdictions including the US, Canada, Lithuania, Singapore, and Dubai, and involved transactions on foreign crypto platforms such as Binance and Bybit.
Update, 30 October 2026: Inc42 reports FEMA violations at Rs 4,940 crore. The Hindu names the entity as RPAS Technologies Private Limited, operating Mudrex and Saber.money, citing an ED press release issued on October 29. Livemint states the searches were carried out on 26 October, a day earlier than other outlets report.
Indian Opinion Analysis
All five outlets report the ED's investigation into alleged FEMA violations through cryptocurrency transfers, with near-identical facts from the ED press release. Deccan Herald and The Hindu lead with the Rs 5,000 crore figure and provide detailed explanations of stablecoins and the modus operandi. Inc42 and Livemint frame the amount as Rs 4,940 crore and Rs 4,900 crore respectively, citing the ED's preliminary estimate of Rs 4,600 crore for Mudrex and Saber.money. NDTV Profit offers the shortest version, focusing on the unauthorised transfer claim. None of the outlets include comment from the accused entities or question the ED’s allegations. The uniform coverage presents a single official narrative without independent verification or opposing perspectives. The next step depends on the ED's ongoing investigation, which the sources leave open-ended.
Coverage: 5 sources, 5 neutral
Sources (5): deccanherald.com (neutral report), ndtvprofit.com (neutral report), inc42.com (neutral report), thehindu.com (neutral report), livemint.com (neutral report)
This brief was synthesised by AI from the 5 sources linked above, so one read covers every framing they carry. Methodology and corrections.
Update, 30 October 2026: further reports on this story from newindianexpress.com, indianexpress.com.
