ED Probes Crypto Startups Mudrex and Instadapp Over ₹4,940 Cr Violations

29 Oct 2026, 10:13 pm · 2h ago · 1 min read · Inc42New

India's Enforcement Directorate (ED) has launched an investigation into cryptocurrency platforms Mudrex, Saber.money, and DeFi protocol Instadapp alongside its platform Fluid for alleged foreign exchange violations exceeding ₹4,940 crore. Following searches at premises across Bengaluru and Madhya Pradesh under the Foreign Exchange Management Act (FEMA), the federal agency reported unearthing unauthorised cross-border transactions. Investigators allege the platforms used stablecoins such as USDT and USDC, shell entities in tax-haven jurisdictions, and large over-the-counter trades to bypass authorised channels. Alleged contraventions include over ₹4,600 crore linked to Mudrex and Saber.money, and around ₹380.6 crore tied to Instadapp.