
The Enforcement Directorate (ED) announced on May 5 that it had begun probing a $1.5 million money trail that originated in Germany, passed through Canada and the UK, and finally landed in India in March‑April 2026. Chief Investigation Officer Arun Kumar said the trail began with the Dr Matthias Karl Vogh Trust in Germany, which transferred $1 million to Lithuanian firm XBase Digital (UAB) before routing the funds via Dubai, Lithuania and the UK.
The money was then deposited into an Airwallex account held by a UK‑based firm, where it was split into two tranches—£67,006 and £71,746—transferred by St Kitts and Nevis‑registered TCC Digital Markets Ltd to Indian recipients. The ED is scrutinising the role of the Caribbean entity and the chain of transfers that ultimately reached the Indian side.
Meanwhile, a separate $500,000 remittance from Canadian ZBase Digital Inc. entered the same UK Airwallex account and is being examined for its source and intended purpose. The ED is evaluating whether the Canadian transfer violated foreign‑funding guidelines.
Investigators are also probing whether the Indian recipients complied with disclosure norms, whether they reported the foreign origin of the funds, and whether any of the transfers breached the Foreign Contribution (Regulation) Act or the Prevention of Money Laundering Act. The ED has requested the names of all parties involved, including individuals and organisations that received the money.
The agency plans to file charges against any Indian entity found to have violated the law and is expected to announce a formal summons to the Indian recipients by June 15, 2026, after completing its audit of the financial trail.