Crypto Exchange CoinSwitch Kuber Searched by Indian Authorities
India's Enforcement Directorate (ED) is currently searching the premises of Indian crypto exchange CoinSwitch Kuber, an official at the Bangalore cell of the ED said Thursday.
The official told CoinDesk that five premises tied to the exchange are being searched in connection to India's Foreign Exchange Management Act (FEMA).
"We are looking into multiple possible contraventions under FEMA and other entities that are connected to it," the official said. "Since we did not receive the desired cooperation we have conducted searches on (residences) of Directors, the CEO and the official premises (of the exchange)."
The ED is also conducting a separate money laundering investigation into Zanmai Labs, the Indian entity operating crypto exchange WazirX. That investigation also saw the ED raid one of WazirX's directors.
A CoinSwitch Kuber spokesperson said "no comment" when asked about the raid.