ED Searches Stretch from Bengaluru to Madhya Pradesh

The Enforcement Directorate (ED), Bengaluru, conducted searches at three locations in Bengaluru and Madhya Pradesh on October 27, 2026, as part of an investigation into suspected violations of the Foreign Exchange Management Act (FEMA), 1999. The case concerns alleged unauthorised cross-border financial transactions estimated at approximately ₹5,000 crore. The agency is examining the transactions to determine whether foreign exchange regulations were violated and whether the funds were transferred across borders through unauthorised channels.

According to the ED, the investigation has uncovered the suspected use of shell entities operating across seven countries, large-scale over-the-counter (OTC) transactions and alleged illegal foreign payouts through cryptocurrency platforms, including Binance and Bybit. Investigators are examining whether cryptocurrencies were used to facilitate cross-border transfers in violation of FEMA provisions. The searches form part of the ongoing investigation, and the allegations remain subject to further inquiry. Additional details may emerge as the agency continues to examine the transactions and related financial records.