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We are looking into multiple possible contraventions under FEMA and other entities that are connected to it,” an ED official told CoinDesk.

In the latest development in ED-crypto saga, the Enforcement Directorate (ED) is searching five locations associated to crypto platform CoinSwitch Kuber. Earlier, BW Businessworld had reported that the ED was looking into more crypto platforms after investigating WazirX and Vauld in recent weeks.

The ED is currently searching the premises of popular crypto exchange CoinSwitch Exchange. The searches are also being conducted in the residences of company directors and the CEO.

“We are looking into multiple possible contraventions under FEMA and other entities that are connected to it,” an ED official told CoinDesk.

“We receive queries from various government agencies. Our approach has always been that of transparency. Crypto is an early stage industry with a lot of potential and we continuously engage with all stakeholders,” said a CoinSwitch Kuber spokesperson.

Earlier this month, 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.

In the recent times, CoinSwitch Kuber has seen several senior executives leave the company including CBO Sharan Nair and CFO Krishna Hegde.