The Enforcement Directorate (ED) conducted searches at three locations in Bengaluru and one in Madhya Pradesh in connection with alleged unauthorised cross-border financial transactions worth up to Rs 5,000 crore using cryptocurrencies, especially stablecoins, the agency’s Bengaluru zonal office said on Thursday.

The ED had registered a case over alleged large-scale Foreign Exchange Management Act (FEMA) violations by crypto investment and trading platforms Mudrex and Saber.money involving Instadapp and other entities.

According to the agency, Bengaluru -based RPAS Technologies Private Limited, which operates Mudrex and Saber.money, was allegedly violating FEMA norms.…