Indian law enforcement has raided five offices of crypto exchange CoinSwitch Kuber over alleged violations of forex laws, Bloomberg has learned, citing a person with knowledge of the matter said.
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According to the report, the Enforcement Directorate raided not only the exchange’s offices, but also residences of top management.
The sources close to the matter say CoinSwitch Kuber is under suspicion of acquiring shares of over $250 million in contravention of forex laws. Moreover, the exchange reportedly also failed to meet know-your-customer standards.
In August, the ED also blocked $46.5 million belonging to Flipvolt Technologies, an Indian arm of Singaporean crypto lender Vauld, for helping Chinese individuals launder money. The regulator said that the funds — which were “nothing but proceeds of crime” — were deposited by 23 entities for converting into cryptocurrencies.
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