Investigating officers claim that customer deposits in Indian rupees were converted into the stablecoin Tether (USDT) and routed to overseas exchanges — including Binance, KuCoin, Gate.io, and Bybit. The ED searched premises linked to CoinDCX and Delta Exchange over alleged FEMA violations involving cross-border cryptocurrency transactions worth thousands of. Enforcement Directorate conducted searches at three premises in Bengaluru over alleged unauthorised cross-border transactions involving cryptocurrency derivatives and tokenised stocks,.