The Enforcement Directorate (ED) of India raids 5 premises linked to the crypto exchange CoinSwitch Kuber for FEMA violations. These include the residences of directors, the CEO, and the official properties.
A spokesperson for the company said, “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.”
It is being reported that the ED is “looking into multiple possible contraventions under FEMA and other entities that are connected” to CoinSwitch Kuber.
An ED official also added, “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.”
