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Anna, the reason Stake allows UPI deposits in the first place is because they are exploiting a legal loophole. The company you’re sending money to doesn’t actually exist—it's just a front. By making these payments, you’re unknowingly helping Stake with money laundering. Stake is a fraudulent company, bro.
I can see tons of Indian celebrities are promoting stake, so if what you are saying is true then how come the government didn't notice?
My knowledge about the legalities are very limited so I am not gonna make any comment on it.
But as I said it will be easier if we just use the crypto in future deposits, so we don't have to face any of these challenges and avoid all the fuss.