India’s Enforcement Directorate said it searched three Bengaluru premises linked to CoinDCX and Delta Exchange India on Nov. 4 and 5 under the Foreign Exchange Management Act. The agency alleges that CoinDCX users’ rupee deposits were converted to stablecoins and sent to overseas trading platforms, and that Delta’s trading flows also reached foreign venues. It said the transactions under investigation ran into thousands of crores of rupees.
None of the allegations has been proven. Delta denies making cross-border transfers and says trading, deposits and withdrawals continue without disruption. CoinDCX had not commented on the probe at press time.
