https://www.taxtmi.com/news?id=73447 Enforcement Directorate initiated a FEMA investigation against five Bengaluru-based companies alleged to have used cryptocurrency and virtual digital assets for cross-border money transfers without authorisation from the RBI. The allegations concern online advertising of instant crypto-based conversion and transfer services, including buying, selling and swapping cryptocurrency for global remittances, and search operations at multiple premises in Karnataka. The probe also refers to alleged circumvention of FEMA regulations through OTC deals, shell entities and foreign-based crypto platforms, along with restraint orders on certain bank accounts. en-us Fri, 19 Jun 2026 20:16:04 +0530 Fri, 19 Jun 2026 20:16:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=73447 Enforcement Directorate initiated a FEMA investigation against five Bengaluru-based companies alleged to have used cryptocurrency and virtual digital assets for cross-border money transfers without authorisation from the RBI. The allegations concern online advertising of instant crypto-based conversion and transfer services, including buying, selling and swapping cryptocurrency for global remittances, and search operations at multiple premises in Karnataka. The probe also refers to alleged circumvention of FEMA regulations through OTC deals, shell entities and foreign-based crypto platforms, along with restraint orders on certain bank accounts. News - Fri, 19 Jun 2026 20:16:04 +0530 https://www.taxtmi.com/news?id=73447