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An ED official said that they were looking into several potential violations under FEMA and other organizations that are associated with CoinSwitch.
Digital Desk: The Enforcement Directorate, or ED, raided the premises of Indian crypto exchange CoinSwitch Kuber, according to a report citing an official at the central agency's Bangalore cell.
The official went on to say that searches were being conducted in five of the cryptocurrency firm's locations following the country's Foreign Exchange Management Act (FEMA).
"We are investigating some potential violations under FEMA and other entities related to it." Coindesk, which broke the story, quoted an official as saying. "Because we did not receive the desired cooperation, we conducted searches on the (residences) of directors, the CEO, and the official premises of the exchange."
According to a CoinSwitch spokesperson, "We receive queries from various government agencies." Our approach has always been one of openness. "Crypto is a young industry with a lot of potential, and we are constantly engaging with all stakeholders."
Earlier in July, top executives at CoinSwitch, including Chief Business Officer Sharan Nair and Chief Financial Officer and senior executive Krishna Hegde, announced their intention to launch their own businesses.
The ED raid comes just weeks after the central agency raided the offices of Zanmai Labs, the operating agency of WazirX, India's largest cryptocurrency exchange.
On August 5, the central agency conducted searches on the premises of one of the directors of Zanmai Lab Pvt Ltd and issued an order freezing their bank balances totaling Rs 64.67 crore.
This action prompted the ED to raid ten cryptocurrency exchanges in the country. Its investigation into the cryptocurrency exchange was linked to an ongoing investigation into several Chinese loan apps (mobile applications) operating in India.
The ED is investigating up to ten cryptocurrency exchanges for alleged money laundering of around Rs 10 billion. The agency recently froze the bank assets of crypto lending platform Vauld worth Rs 370 crore due to its "predatory lending practices."
The ED searched Yellow Tune Technologies Pvt Ltd's Bengaluru offices and froze assets belonging to Flipvolt, which operates the Darshan Bathija-led Vauld.
For predatory lending practices, the ED is conducting a money laundering investigation against many Indian NBFC companies and their fintech partners.
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