ED Raids CoinSwitch Kuber – Katoch Tubes

CoinSwitch Kuber under Scanner

What is CoinSwitch?

CoinSwitch Kuber is an Indian crypto exchange that allow users to buy/sell cryptocurrencies in INR.

The ED Raid

The Directorate of Enforcement (ED) searched 5 locations linked to the crypto platform in relation to  the recent scam

Why this Raid?

ED is searching evidence of money laundering via crypto exchange linking to the instant loan apps with roots from China.

Earlier Raids

Before CoinSwitch. ED raided WazirX and froze 64.67 cr of funds. WazirX has been issued show cause notice by ED.

Instant loan scam

Instant loan app charges high interest rates & harass users. It then send the money to China via crypto platform amounting in crores

Total Scam value

Over 1000 cr has been laundered using Indian crypto exchanges by the instant loan apps. All money routed to China

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