India, Oct. 29 -- The Enforcement Directorate (ED) has launched investigations into alleged violations of the Foreign Exchange Management Act (FEMA) involving crypto platforms Mudrex and Saber.money, as well as decentralised finance (DeFi) protocol Instadapp and its associated platform Fluid, over alleged unauthorised cross-border fund transfers worth more than Rs.4,940 Cr.

The agency said its Bengaluru Zonal Office conducted searches at three premises in Bengaluru and one in Madhya Pradesh on October 27 under Section 37 of FEMA, 1999.

The investigations centre on the alleged use of cryptocurrencies, particularly stablecoins such as USDT and USDC, to facilitate cross-border money transfers outside authorised channels.

The ED said its p...