Last week, the Enforcement Directorate (ED) carried out searches at six premises in Bengaluru under Section 37 of the Foreign Exchange Management Act (FEMA). The action targets five companies alleged to have facilitated unauthorised cross‑border money transfers totalling over INR 2,500 crore through virtual digital assets (VDAs).
The companies named in the probe are following
i) Transak Technology India Pvt. Ltd. (Transak — transak.com),
ii) Carretx Technologies Pvt. Ltd. (Carret — app/carretx),
iii) Mokshagna Technologies Pvt. Ltd. (formerly Xpat/Remit2Any),
iv) Buyhatke Internet Pvt. Ltd. (buyhatke.com, onramp.money),
v) Abhibha Technologies Pvt. Ltd. (Onmeta — onmeta app).
The ED’s operation in Bengaluru is a reminder that technology alone does not insulate firms from foreign exchange rules. Regulators expect that fintechs and payment intermediaries anticipate risks, maintain transparent records, and implement controls that prevent unauthorised cross‑border flows. The ODFC FEMA Helpdesk and ODFC Academy bridge the gap between innovation and regulation, helping organisations build compliant, resilient businesses while protecting customers and reputations.
How ODFC Academy and the ODFC FEMA Helpdesk help organisations -
📌 1. Practical, role‑based training:
- ODFC Academy offer targeted courses for compliance officers, legal teams, finance staff, product managers and operations personnel. Training covers FEMA basics, VDA‑specific risks, reporting obligations, and transaction monitoring best practices. Courses combine regulatory guidelines with real‑world case studies.
📌 2. Custom compliance playbooks:
- Our experts create bespoke FEMA compliance playbooks tailored to business models (on‑ramps, remitters, custody providers, PSPs). Playbooks include risk assessments, standard operating procedures for KYC/AML, cross‑border transaction mapping, record‑keeping templates and escalation protocols for suspected breaches.
📌 3. Transaction mapping and audit readiness:
- We work with clients to map money flows across platforms and third‑party providers, helping identify where FEMA exposure arises. We also support mock audits and readiness reviews so organisations can demonstrate control effectiveness to regulators and law enforcement if required.
📌 4. Incident response and remediation:
- If an organisation faces an enforcement action or regulatory inquiry, the ODFC FEMA Helpdesk provides rapid triage: evidence collation, coordinated responses, remediation roadmaps and guided communications.
Enrolment link: ➡ academy.odfc.app
📚 ODFC Academy ⭕
(FEMA Compliance Training)
📩 Email: ask@fema.in
📞 Chat: +91-8850585672
Website 🏡 odfcacademy.com
