India Crypto News: ED Hits Two Crypto Cases in 24 Hours, What Next?
India Crypto News: ED Strikes Twice in 24 Hours, ₹5,000 Cr Probe
India crypto news took a serious turn this week as the Enforcement Directorate searched premises in two separate crypto cases a day apart.
ED Bengaluru acted on 27 October 2026 under FEMA over unauthorised cross-border crypto transfers above ₹5,000 crore.
Enforcement Directorate Shimla followed on 28 October in the Korvio Coin (KRO) fraud case under PMLA. Details are as of 2 November 2026.
For readers following crypto news today, the two actions look alike but target different problems.
One is about money leaving India without approval. The other is about investors who lost savings.
What Did ED Bengaluru Find in the FEMA Crypto Probe?
The ED said its Bengaluru Zonal Office searched three premises in Bengaluru and one in Madhya Pradesh under Section 37 of FEMA, 1999.
In its official X post, the agency said the probe exposed shell companies in tax haven countries, massive OTC deals and illegal foreign payouts through platforms like Binance and Bybit. 
The post names the exchanges as payout routes and does not allege wrongdoing by them, so Binance and Bybit named in probe headlines need that context.
The post also mentions three locations, while the press release dated 29 October counts four premises.
Main entity: RPFAS Technologies, which runs Mudrex and Saber.money
Preliminary estimate: more than ₹4,600 crore in unauthorised transfers and foreign-platform balances
Instadapp (Fluid) strand: about $40 million, or ₹380 crore
Shell entities: Canada, Lithuania and the United States
The ED says the transfers bypassed channels authorised by the Reserve Bank of India. These are preliminary estimates, no court has established a violation, and the Mudrex investigation is ongoing.
What Happened in the Korvio Coin KRO Fraud Case?
Enforcement Directorate Shimla also covered this news in a second X post, saying it searched locations across Chandigarh, Mohali and Zirakpur under PMLA, 2002. 
The Korvio Coin KRO fraud searches ended with ₹72 lakh seized, plus documents and digital devices.
In its statement, the Enforcement Directorate said Atul Sood, a close aide of alleged mastermind Subhash Sharma, was arrested and remanded to custody until 5 November.
The agency described a Ponzi scheme that allegedly affected more than 2.48 lakh users, with transactions above $219 million and investor losses of about ₹500 crore. Most funds were reportedly collected in cash.
How Do the Two ED Cases Compare?
This India crypto news is easier to follow side by side.
Detail | Bengaluru case | Shimla case |
Law used | FEMA, 1999 | PMLA, 2002 |
Search date | 27 October 2026 | 28 October 2026 |
Locations | Bengaluru, Madhya Pradesh | Chandigarh, Mohali, Zirakpur |
Focus | Cross-border crypto transfers | Crypto Ponzi scheme |
Key figure | ₹5,000 crore+ | ₹72 lakh cash |
Status | Preliminary findings | One arrest |
Why Does This India Crypto News Matter for Traders?
Market observers say the India crypto crackdown shows regulators now trace how money moves, not only what is traded.
Tighter checks on OTC desks, stablecoin flows and cash collections could follow, analysts suggest.
Exchanges and DeFi platforms serving Indian users may need stronger compliance records, especially for payments outside authorised routes.
Both cases are ongoing, so the next ED or court update could change the picture. Expect more India crypto news as the crypto probe moves forward.
Disclaimer: This article is for information only and is not financial advice. Crypto assets are volatile and carry risk.
