# Enforcement Directorate financial investigations in India > Developing situation record from CLSTR: https://clstr.news/situations/enforcement-directorate-financial-investigations-in-india > Updated: 2026-10-31T13:07:21.000Z. Sources: 17. Developments: 2. The Enforcement Directorate (ED) has initiated multiple investigations into large scale financial irregularities in India. In Bengaluru, the agency is probing an alleged ₹5,000 crore cross border cryptocurrency racket involving RPFAS Technologies Limited. Investigators allege the firm operated platforms Mudrex and Sabre without mandatory registration from the Reserve Bank of India, using stablecoins to facilitate unauthorized transfers to offshore accounts in Singapore and Dubai. The probe includes searches conducted in Bengaluru and Madhya Pradesh regarding alleged violations of the Foreign Exchange Management Act. In Karnataka, the ED has seized assets worth 427.16 crore rupees linked to an alleged Ponzi scheme in the Belagavi region. The investigation targets Shivananda Siddappa Neelannavar and his associates, who reportedly defrauded over 35,000 investors of approximately 2,459.49 crore rupees by promising high monthly returns. Authorities found that funds were diverted through various channels, including high risk stock market trading and transfers to the bank accounts of family members. ## Timeline ### 2026-10-31: Enforcement Directorate seizes 427 crore rupees in Karnataka Ponzi scam The Enforcement Directorate seized 427.16 crore rupees in assets linked to a Karnataka Ponzi scam that allegedly defrauded 35,000 investors of over 2,459 crore rupees. 2 sources. https://clstr.news/cluster/enforcement-directorate-seizes-427-crore-rupees-in-karnataka-ponzi-scam ### 2026-10-29: Enforcement Directorate probes ₹5,000 crore cryptocurrency racket The Enforcement Directorate is investigating an alleged ₹5,000 crore cryptocurrency racket involving RPFAS Technologies, Mudrex, and Sabre, involving unauthorized cross-border transfers via stablecoins. 15 sources. https://clstr.news/cluster/indias-enforcement-directorate-probes-4940-crore-crypto-transfers --- Cite as: Enforcement Directorate financial investigations in India. CLSTR, https://clstr.news/situations/enforcement-directorate-financial-investigations-in-india