India's Enforcement Directorate (ED) conducted searches at four premises in Bengaluru and Madhya Pradesh on October 27 under the Foreign Exchange Management Act (FEMA), targeting suspected shell companies operating in tax havens linked to large over-the-counter (OTC) crypto transactions. The raids focus on alleged foreign-exchange violations involving opaque corporate structures used to facilitate significant OTC cryptocurrency deals, marking another escalation in Indian authorities' scrutiny of cross-border crypto flows and money laundering risks.