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Mudrex, Instadapp face ED searches in $525 million crypto probe
The agency said the probe found unauthorized transfers through USDT and USDC stablecoins and large OTC deals involving shell entities.
- On Thursday, the Enforcement Directorate searched four premises in Bengaluru and Madhya Pradesh, investigating alleged illegal cross-border crypto remittances violating the Foreign Exchange Management Act involving more than $525 million.
- Investigators initiated the probe following complaints against Bengaluru-based RPFAS Technologies Private Limited, which operates the Mudrex and Saber.money platforms, alongside the Ethereum-based protocol Instadapp.
- The agency alleged that firms in Canada, Lithuania, and the United States were controlled from India, with preliminary estimates of unauthorized transfers and crypto balances exceeding 46 billion.
- Regarding Instadapp, officials claimed founder Sowmay Jain and his team operated from India despite presenting the business as Delaware-registered, routing revenue through Singapore and Dubai accounts.
- These searches follow September notices from the Financial Intelligence Unit naming 15 service providers including Weex, Blofin, WOO X, and WhiteBIT, as authorities intensify scrutiny of virtual digital assets under anti-money-laundering requirements.
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Mudrex, Instadapp face ED searches in $525 million crypto probe
India’s Enforcement Directorate has searched premises linked to Mudrex and Instadapp in an investigation into alleged cross-border crypto transactions involving more than ₹5,000 crore or above $525 million. The Enforcement Directorate said in its Oct. 29 press release that its…
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