At Saber, trust is built through transparency, accountability, and the way we conduct our business. Recent media coverage following the Directorate of Enforcement's (ED) search proceedings involving RPFAS Technologies Private Limited has understandably raised questions among our customers, partners, and stakeholders.
We believe these questions deserve a direct response. We want to explain what happened, how our operations are structured, the regulatory framework applicable to our activities in India, and where things stand today.
Our business continues to operate as usual. We remain focused on serving our customers and partners, meeting our compliance obligations, and maintaining the operational standards.
What happened
RPFAS Technologies Private Limited, which operates Mudrex, a centralised exchange in India and acts as Saber’s partner for the INR-related services, is registered with Financial Intelligence Unit-India (FIU-IND) as a Reporting Entity under The Prevention of Money Laundering Act, 2002 (“PMLA”).
On 26 October 2026, the Directorate of Enforcement conducted searches at premises associated with RPFAS Technologies Private Limited with the primary objective of collecting information. We co-operated fully, and the information requested was provided to the concerned authority. Following this search, the ED issued a press release on the 29th of Oct as per procedure stating that they carried out a search across our premises and 02 other premises.
Understanding the regulatory ambit in India and RBI authorisation
There has been particular discussion around the reference to Reserve Bank of India (RBI) authorisation in the ED's press release dated 29 October 2026. Here, it is important to explain the regulatory framework applicable to our activities to better understand this.
In March 2023, the Ministry of Finance brought specified virtual digital asset (VDA) activities within the ambit of the Prevention of Money Laundering Act, 2002 (PMLA) (“Notification”). These activities include the exchange of virtual digital assets for FIAT currency, exchanges between virtual digital assets, transfers of virtual digital assets, and certain related services.
Under this framework, VDA service providers carrying out the specified activities are required to register with the FIU-IND as Reporting Entities and comply with applicable obligations. It is pertinent to note that the definition of VDAs as given in the Notification is wide and inclusive to cover almost all direct and indirect activities relating to VDAs.
RPFAS Technologies Private Limited is registered with FIU-IND as a Reporting Entity, and we meet our obligations under the PMLA, the PML Rules and the FIU-IND AML & CFT Guidelines for VDA service providers. These include KYC, transaction monitoring, record-keeping, and filing the required reports with FIU-IND. We take our regulatory responsibilities seriously and are committed to ensuring that our activities are conducted in accordance with these applicable Indian laws and regulations.
How our operational model works
Clarity around how our services operate is essential to understanding our business.
RPFAS provides conversion of VDA to FIAT. RPFAS does not itself act as a bank or a cross-border payment system.
Where INR payouts are involved, the banking component is facilitated through banking partners that operate under the applicable regulatory authorisations. The virtual digital asset component is handled through the relevant VDA infrastructure and follows the registered Reporting Entity's compliance framework.
These are distinct components of the transaction, each subject to its respective applicable legal and compliance requirements. Our operating processes include customer verification, transaction monitoring, AML and sanctions screening, and the maintenance of transaction records. We continue to review our processes and controls in a timely manner to ensure they remain aligned with our regulatory obligations.
In the absence of any notification, instruction or guidelines issued by Reserve Bank of India or any governmental body regarding applicability of FEMA on VDAs, it is important to understand the interpretation in two separate components of transactions taking place i.e., one outside India wherein the customer initiates the transaction by submitting an order of remittance (happening in compliance with the laws of Canada via Saber Canada backed by the Money Services Business license), and the second set of the transaction wherein RPFAS is accepting VDA transfer and then liquidating in the customer’s bank account (happening in compliance with the FIU-IND guidelines in partnership with the banks). Point to remember is RPFAS is accepting VDA transfer which is categorically given in the definition of VDAs given in the Notification. Summing up, one complete transaction originating from a foreign jurisdiction and ending in India is concluded strictly in compliance with the applicable laws.
Where we stand today
Saber continues to operate and serve its customers as usual.
Contrary to any speculation, there is no order freezing, no seizing or restricting of bank accounts, wallets or assets of RPFAS Technologies Private Limited or Saber. The search conducted by the agency is a part of a process and RPFAS remains committed to cooperating with the agency as we take this very seriously.
RPFAS's FIU-IND Reporting Entity registration and Saber's Canadian Money Services Business registration with FINTRAC remain in place. We continue to maintain transaction records and fulfil our ongoing compliance and reporting responsibilities.
We understand that sometimes media coverage or opinions may raise questions; we are here to address anything you may have to ask as our customers, partners, and stakeholders.
RPFAS Technologies Private Limited has been an operational entity since 2018, bringing years of experience and a sustained presence in the digital asset ecosystem. Our journey has been built on responsible operations, a commitment to regulatory compliance and the trust of our customers and partners. This commitment remains unchanged, and we will continue to engage with regulators and industry stakeholders to support the development of clear frameworks for digital assets and payments.