ED tracks $1m foreign funding trail: Which two firms, six countries are involved and why? What triggered probe
The Enforcement Directorate identified TCC Digital Markets Ltd, registered in Saint Kitts and Nevis, as the source of funds. Investigators traced the actual source of the $1 million to the Dr Matthias Karl Vogt Trust in Germany, according to a report.
The Enforcement Directorate (ED) launched an investigation into a $1 million transfer allegedly involving two foreign entities and six countries. The funds allegedly originated from a trust in Germany and were routed through Lithuania, Canada, the Caribbean island of Saint Kitts and Nevis, Dubai, and the United Kingdom. The investigation also suggests that the digital assets may have originated from hawala transactions in Dubai before reaching the Lithuanian entity and eventually the UK firm.
The UK-based firm received the money between February and March 2026 through Airwallex (UK) Ltd. The funds were initially transferred in two installments of £67,006 and £71,746 to the UK firm, which then routed the money to their intended recipients in India. The two transactions, involving entities registered in Saint Kitts and Nevis and Canada, amount to $1.5 million in total.
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