Enforcement Directorate in India has started investigating cryptocurrency exchanges in the case related to money laundering, valuing over 1000 crore rupees
Enforcement Directorate keeps cryptocurrency exchanges in India under scrutiny over allegations of money laundering
As the case of money laundering through instant loan apps has gained more attention, and is being critically examined by the government bodies, it is noted that the ED has gone ahead to conduct investigation at around 10 cryptocurrency exchanges. It was reported that the investigations were related to laundering of over 1000 crore, which were identified as proceeds of crime of the accused firms in the instant loan app case. Many reputed cryptocurrency exchanges were examined and one among them was the CoinSwitch Kuber.
CoinSwitch Kuber is one among the cryptocurrency exchanges that is being examined by ED
Credits: News18
The third exchange under scrutiny by the ED for allegedly diverting profits of crime collected by 365 quick loan applications by providing loans with high interest rates is CoinSwitch Kuber. The crypto firm happens to be one of the most popular ones among the investors from India. Factually, the company is also backed by some of the giant institutions such as Tiger Global and couple of more institutions.
When asked about the probe and investigations done on the company, it was reported that, the company neither denied or agreed to the investigations that were conducted by ED. One of the spokespersons from the company was heard saying that, “We receive queries from government and we as a team try and answer the query at the best possible way. The approach that we conduct our business is also transparent and nothing is hidden as such.”
The high number of laundered monies
The valuation of the money laundering cumulatively has crossed 1000 crore rupees. One of the main sources these money laundering loan apps are using to launder their moneys are cryptocurrency exchanges. As a result, the cryptocurrency exchanges are being scrutinized. In one of the case the government agency went on to seize assets worth over 350 crore rupees of Flipvolt, which is a domestic entity of Vauld, used by Indian users.
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