The Enforcement Directorate's preliminary investigation revealed large-volume over-the-counter cryptocurrency deals involving shell entities incorporated in Canada, Lithuania, the United States, and tax havens.

From the articleED searches premises linked to Mudrex, Instadapp over alleged ₹4,600-crore FEMA violationsAlso in Mudrex, Instadapp face ED searches in $525 million crypto probe, ED raids entities in Bengaluru, Madhya Pradesh for sending funds abroad using crypto