ED freezes Rs 6 crore in bank accounts of five firms during searches on Bengaluru

Mangalore Today News Network

Bengaluru, Jun 20, 2026: The Enforcement Directorate (ED) has frozen bank accounts holding nearly ₹6 crore following searches at six locations linked to five Bengaluru-based companies over alleged unauthorised cross-border fund transfers through Virtual Digital Assets (VDAs).

According to an ED statement, the Bengaluru Zonal Office conducted searches on June 17 under Section 37 of the Foreign Exchange Management Act (FEMA), 1999. The searches were carried out at premises associated with Transak Technology India Pvt. Ltd., Carretx Technologies Pvt. Ltd., Mokshagna Technologies Pvt. Ltd., Buyhatke Internet Pvt. Ltd. and Abhibha Technologies Pvt. Ltd..

The investigation was initiated based on allegations that multiple entities had facilitated unauthorised cross-border transfer of funds using virtual digital assets.

During the operation, the ED issued restraint orders on several bank accounts allegedly used for the transactions. The accounts collectively held around ₹6 crore, which has now been frozen.

Officials suspect that the funds were routed outside the country without obtaining the necessary regulatory approvals, constituting a violation of FEMA provisions.

Further investigation is underway.