ED searches 5 locations connected to the cryptocurrency exchange CoinSwitch Kuber

Top CoinSwitch Kuber executives quit the company in July. As previously reported by Business Today, these departures include those of the Chief Business Officer Sharan Nair and the Chief Financial Officer and senior executive Krishna Hegde of the company. They quit the cryptocurrency exchange to launch their own business.

According to two ED employees from the Bengaluru cell, the Enforcement Directorate (ED) is inspecting five locations connected to the cryptocurrency exchange CoinSwitch Kuber. The insider added that searches are also being done at the CEO and director’s homes as well as the company’s offices.

ED is also investigating Zanmai Labs, which operates Nischal Shetty’s WazirX crypto exchange, for money laundering. During that investigation, the ED also raided one of WazirX’s directors. Additionally, Rs 64.67 crore worth of bank balances was frozen by the central agency. 

In July, the central agency also reportedly requested more records from CoinSwitch Kuber as part of its investigation. 

FAQ:-

1- What did the official say about the crypto news portal coindesk?

Ans- They said ” We are investigating numerous potential FEMA violations as well as those of other related organisations.”

2- What did Sharan Nair say about it?

Ans- He said ” As we work to make India the world’s Web3 hub, we will continue to seek advice from the CoinSwitch team, which has been my home base for the previous 4+ years.”

3- Does now Coin switch kuber will investigate the cases of forex crimes?

Ans – Yes

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