The investigation uncovered layered transactions routed through multiple jurisdictions, including Germany, Lithuania, Dubai, and Canada, before reaching targeted entities in India. A German trust allegedly initiated a $1 million transfer using digital currency to circumvent domestic laws, which was subsequently funneled through a Lithuanian entity and an offshore company. In addition, Canada-based ZBase Digital Inc transferred a separate $500,000 to the same intermediary UK firm in February 2026. Investigators are actively collaborating with financial platform Airwallex to authenticate transaction histories tied to these suspected meddling networks.
Key points
Foreign entities allegedly routed $1.5 million through several jurisdictions to finance i…: Foreign entities allegedly routed $1.5 million through several jurisdictions to finance interference activities targeting recipients within India.
Cross-border financial platform Airwallex is being engaged by Indian authorities to verif…: Cross-border financial platform Airwallex is being engaged by Indian authorities to verify layered records involving intermediary British accounts.
TCC Digital Markets Ltd issued grants in separate instalments to a UK entity before the c…: TCC Digital Markets Ltd issued grants in separate instalments to a UK entity before the capital reached targeted Indian recipients.
Sources checked by our analysis pipeline: 1
The agency has identified TCC Digital Markets Ltd, registered in Saint Kitts and Nevis, as the source of funds that eventually reached entities and individuals in India through a series of layered transactions spanning multiple jurisdictions, including Germany, Dubai, Lithuania, Canada, the Caribbean nation and the UK.
Investigators have traced the original source of the $1 million to the Dr Matthias Karl Vogt Trust in Germany. According to a senior official familiar with the investigation, the trust initially transferred the money to Lithuania-based XBase Digital UAB to circumvent German law before it was routed through other entities and eventually reached a UK-based firm.
The initial investigation also uncovered an undated letter from Dr Matthias Vogt stating that the payment had been made in digital currency.
Intelligence inputs gathered by the agency suggest that the digital assets may have originated from hawala transactions in Dubai before being transferred to the Lithuanian entity and subsequently routed to the UK.
The UK-based firm received the $1 million in its Airwallex (UK) Ltd account between February and March 2026. The funds moved through multiple…
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