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

August 26, 2022

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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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Sreejit Kumar

Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.