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CoinSwitch, the unicorn crypto app, on Saturday said it is cooperating with the Enforcement Directorate (ED) while the central agency searches the company’s office.
Taking to Twitter to dismiss allegations of money laundering, co-founder & CEO Ashish Singhal said it was a mere attempt by the ED to understand his company’s business model, functioning and other processes. However, Reuters reported that a source with direct knowledge of the case told the news agency that the case relates to suspected violations of India’s foreign exchange laws.
ED agents further inquired about CoinSwitch’s foreign investments, income and outflows to check on compliance and seized financial documents, the source told the news agency.
Singhal, revealing details about the searches which began on Thursday, said the last few days’ events have nothing to do with money laundering or the Prevention of Money Laundering Act (PMLA). “Enforcement Directorate – Bengaluru has been engaged with us with respect to functioning of our crypto platforms / exchanges. We are fully cooperating with them,” Singhal tweeted. “Our engagement with the Enforcement Directorate – Bengaluru was NOT related to any money laundering enquiry under PMLA, as reported in some news articles.” he further said. FE
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