India's Financial Crimes Agency Searches CoinDCX, Delta Exchange Over Offshore Trades

India's Enforcement Directorate has searched three premises in Bengaluru linked to crypto exchanges CoinDCX and Delta Exchange, alleging the platforms carried out unauthorized cross-border transactions worth hundreds of millions of dollars through crypto derivatives and tokenized assets.

The searches were carried out on November 4 and 5 under India's Foreign Exchange Management Act (FEMA), the agency, India's main financial crimes investigator, said in a statement dated November 6, which it shared on X on Thursday.

ईडी, बेंगलुरु ने क्रिप्टो टोकन डेरिवेटिव एवं वास्तविक विश्व परिसंपत्ति (आरडब्ल्यूए) टोकन से जुड़े बड़े पैमाने पर अनधिकृत सीमा-पार वित्तीय लेन-देन के मामले में फेमा, 1999 के अंतर्गत मेसर्स नेब्लियो टेक्नोलॉजीज प्राइवेट लिमिटेड (“कॉइनडीसीएक्स”) तथा मेसर्स एक्सेलियम टेक्नोलॉजीज… pic.twitter.com/vXwMU5uCTj

— ED (@dir_ed) November 12, 2026

The investigation targets Neblio Technologies, which operates CoinDCX, and Excelium Technologies, which runs Delta Exchange. Both platforms offered futures and options on crypto tokens and openly advertised trading in tokenized shares of foreign companies, despite not being authorized to do so, according to the agency.

How the trades allegedly worked

The Enforcement Directorate alleged that CoinDCX used stablecoins such as USDT to carry out trades for its users on foreign crypto exchanges, including Binance, KuCoin, Bybit and Gate.io, bypassing India's framework for sending money abroad.

When users deposited rupees and placed spot or derivatives orders, CoinDCX converted the funds into USDT and opened matching positions on the foreign exchanges, the agency said. The trades ran through accounts held in the name of a Costa Rica-based group entity, which it described as a shell entity, and were carried out directly from CoinDCX through APIs.

Trades in tokenized shares of companies such as Apple, Google and Tesla were in fact derivatives positions opened on decentralized exchange Hyperliquid, according to the agency.



The Enforcement Directorate alleged that the cross-border transactions in each of these areas ran to hundreds of millions of dollars. It also said CoinDCX holds crypto assets in enterprise accounts on foreign exchanges, and has paid tens of millions of dollars in fees to those platforms in USDT, in breach of FEMA.