ED investigates $1 million transfer to meddle in domestic affairs
The Enforcement Directorate is probing two foreign entities regarding suspicious transactions involving a UK-based firm with links to India.
The Enforcement Directorate (ED) has initiated an investigation into two foreign entities for their alleged involvement in India's domestic affairs, according to the Times of India.
The probe concerns a suspicious transfer of $1 million to a UK-based firm with links to India. The agency identified Dr Matthias Karl Vogt Trust of Germany as the actual source of the $1 million fund.
A senior official aware of the probe stated that the German trust transferred the funds to XBase Digital UAB in Lithuania to bypass German law. The money was then moved to a UK-based entity through layered transactions.
The UK-based firm received the $1 million in its Airwallex (UK) Ltd account between February and March 2026. The funds eventually reached end users in India as a grant from TCC Digital Markets Ltd, a firm registered in Saint Kitts and Nevis.
Intelligence gathered by the agency suggests digital assets may have come from 'hawala' transfers to Dubai and the Lithuanian entity. An undated letter from Dr Matthias Vogt stated the payment was made in digital currency.
The agency also identified a $500,000 transaction in February by a Canadian-registered entity, ZBase Digital Inc, to the same UK firm. Indian agencies are currently verifying these details with Airwallex.