Bengaluru: The Enforcement Directorate said it searched three premises in Bengaluru linked to cryptocurrency platforms CoinDCX and Delta Exchange on November 4 and 5. Its Bengaluru zonal office said it was investigating suspected unauthorised cross-border transactions involving crypto derivatives and real-world asset tokens.
The ED said the searches were conducted under Section 37 of the Foreign Exchange Management Act. It identified Neblio Technologies as the operator of CoinDCX and Excelium Technologies as the operator of Delta Exchange India.
What the ED says it found
The agency alleged that CoinDCX routed some customer orders to overseas platforms through accounts associated with a Costa Rica-based entity. It also alleged that some Delta Exchange India derivatives and tokenised-stock transactions were routed through CoinDCX to overseas platforms.
The ED said it was examining the volume of the transactions and transfers to overseas entities. Its statement said the investigation was continuing.
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