Policy · Financial Services

ED searches five crypto platforms for forex violations

By Startup Enthusiast · 20 June 2026

Date: 20 June 2026
Company: Transak, Carret, Xpat/Remit2Any, BuyHatke/Onramp.money, Onmeta/Abhibha Technologies
What it does: Crypto and remittance platforms
Kind: Policy
Amount: ₹6 Cr
Based in: Bengaluru
Sector: Financial Services

What they do

These platforms offer crypto trading, Web3 payments, remittances, and cashback services

The Enforcement Directorate searched six premises and froze bank accounts holding ₹6 crore

The platforms allegedly used crypto to bypass foreign exchange rules without RBI authorisation

The Enforcement Directorate (ED) searched six premises linked to five Bengaluru-based platforms on June 17, 2026.
The platforms searched are Transak (Web3 payments), Carret (crypto trading), Xpat/Remit2Any (remittance), BuyHatke/Onramp.money (cashback/coupon), and Onmeta/Abhibha Technologies.
The ED froze bank accounts with balances worth ₹6 crore.
The probe began after a complainant alleged large-scale forex norm violations.
The ED says the platforms circumvented FEMA (Foreign Exchange Management Act) using VDAs (Virtual Digital Assets, like cryptocurrencies) for cross-border payments.
None of the five entities are RBI-authorised for cross-border VDA transfers.
The platforms were not complying with RBI-mandated purpose code or ARC (Authorised Representative Code) for remittances.
Most entities operate through related entities registered in foreign jurisdictions but controlled from India.

Cryptocurrencies are unregulated in India and attract a 30% capital gains tax and 1% TDS per transaction.
A parliamentary standing committee on finance classified crypto as high risk citing money laundering, trafficking, radicalisation, and suspicious transactions.
The modus operandi involved depositing money in company bank accounts, buying stablecoins (USU), selling them on Indian crypto exchanges, and remitting proceeds to receivers who could claim TDS.

Transak offers Web3 payment infrastructure for crypto transactions.
Carret provides a crypto trading platform for Indian users.
Xpat/Remit2Any specialises in cross-border remittances.
BuyHatke/Onramp.money runs a cashback and coupon platform.
Onmeta/Abhibha Technologies facilitates crypto-based cross-border transfers.
Onmeta collected money from US customers, converted fiat to VDAs, transferred to India-based crypto trading platforms, and distributed proceeds to India customers via parent company bank accounts.