ED raided the CoinSwitch Kuber for allegedly violating the Foreign Exchange Management Act

August 26, 2022

, By Team SNFYI

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The Enforcement Directorate (ED) raided the CoinSwitch Kuber headquarters for allegedly violating the Foreign Exchange Management Act. The agency had previously taken action against WazirX and Flipvolt, the Indian arm of troubled Singaporean crypto exchange Vauld.

According to them, the searches were part of the ED’s money-laundering investigation into the instant micro loan app scam. Three strikes: This is the third transaction under investigation by the ED for allegedly diverting the proceeds of crime from about 365 instant loan apps that charged exorbitant rates and used illegal means to recover the money. CoinSwitch has over 18 million registered users and is backed by Andreessen Horowitz and Sequoia Capital India. According to its website, over Rs 1 lakh crore in cryptocurrency has been traded on its platform.

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ED raided the CoinSwitch Kuber for allegedly violating the Foreign Exchange Management Act

August 26, 2022

, By Team SNFYI

The Enforcement Directorate (ED) raided the CoinSwitch Kuber headquarters for allegedly violating the Foreign Exchange Management Act. The agency had previously taken action against WazirX and Flipvolt, the Indian arm of troubled Singaporean crypto exchange Vauld.

According to them, the searches were part of the ED’s money-laundering investigation into the instant micro loan app scam. Three strikes: This is the third transaction under investigation by the ED for allegedly diverting the proceeds of crime from about 365 instant loan apps that charged exorbitant rates and used illegal means to recover the money. CoinSwitch has over 18 million registered users and is backed by Andreessen Horowitz and Sequoia Capital India. According to its website, over Rs 1 lakh crore in cryptocurrency has been traded on its platform.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News

Supreme Court: Indian government has not cooperated in the Pegasus investigation

Next News

Healthtech startup HealthAssure raised $6.2 milion in Pre-Series B led by the Rajiv Dadlani Group

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