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Engagement With ED Not Related To Money Laundering Or PMLA: CoinSwitch CEO

BW Online Bureau Aug 27, 2022

Clarifying on CoinSwitch’s recent engagements with ED, co-founder and CEO Ashish Singhal said that the incidents were not related to money laundering or PMLA. He further stated that the ED was engaged with the company to understand the functioning of the crypto platform/exchanges.

Taking to twitter, CoinSwitch Kuber’s CEO Ashish Singhal clarified that the engagements with the ED have been unrelated to money laundering and Prevention of Money Laundering Act, 2002 (PMLA). He further said that the ED Bengaluru has been engaged with the crypto platform to understand its functioning.

“We are fully cooperating with them,” he tweeted.

Indian government has recently been tightening the screws around the crypto ecosystem in the country.

Under separate investigation, The Enforcement Directorate (ED) had frozen bank deposits of Rs 64.67 crore as part of its probe against cryptocurrency exchange WazirX and started investigating WazirX-owner Zanmai Labs.

The ED has also frozen the crypto assets in the pool wallets of Vauld, the crypto lender platform. It is believed that approximately Rs 204 crore was frozen by the ED in that case.