The Enforcement Authority of India (ED) raided five buildings of a16z-backed crypto exchange CoinSwitch Kuber as part of an investigation into currency breaches. It is reported by Bloomberg.

The agency conducted investigative actions in the offices and homes of the company’s CEO and executives.

According to the source, ED is suspected of buying 20 billion rupees ($250 million) worth of shares in violation of forex laws.

The agency also acknowledged that the platform did not follow certain rules. KYC.

“We receive requests from various government agencies. Our approach to this issue has always been transparent. “CoinSwitch is the crypto industry, an industry with great potential at an early stage of development, and we are constantly interacting with all stakeholders.”

The Bengaluru-based platform has been invested by Paradigm, Sequoia and Tiger Global. In October 2021, after a $260 million funding round led by Coinbase Ventures and a16z, CoinSwitch “Unicorn”.

Earlier in August, it became known that the ED had accused WazirX, another major crypto exchange in the country, of violating currency rules and laundering $350 million in money.

Recall that in March, CoinSwitch, among other Indian digital asset exchanges, faced charges of tax evasion.

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