ED raids 5 premises linked to crypto exchange CoinSwitch Kuber, including CEO’s residence 

The Enforcement Directorate (ED) is searching five premises linked to the crypto exchange CoinSwitch Kuber, two officials belonging at the Bengaluru cell of the ED, said. The official also said that the searches are being conducted at residences of the company's directors, its CEO and the official premises.  

An official told the crypto news portal Coindesk, “We are looking into multiple possible contraventions under FEMA and other entities that are connected to it.”  

“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," he added.

Commenting on ED raids, a CoinSwitch Kuber spokesperson said, “We receive queries from various government agencies. Our approach has always been that of transparency. Crypto is an early stage industry with a lot of potential and we continuously engage with all stakeholders.”

Meanwhile, top executives of CoinSwitch Kuber left the company in July. These exits include that of the Chief Business Officer Sharan Nair and the company's Chief Financial Officer and senior executive Krishna Hegde, as Business Today had reported earlier. They left the crypto exchange to start their own venture.  

Sharan Nair said, “We are super passionate about crypto and we believe it is here to stay. We will continue to take guidance from CoinSwitch team, which has been my home turf for the last 4+ years as we build India into the Web3 hub of the world.” 

ED is also probing Zanmai Labs, which is the Indian entity that operates the Nischal Shetty-led crypto exchange WazirX, for money laundering. That investigation also saw the ED raid one of WazirX’s directors. The central agency also issued an order to freeze their bank balances worth Rs 64.67 crore.  

The central agency in July had also reportedly asked CoinSwitch Kuber for more records as part of its investigation into cases of forex crimes.