For allegedly breaking the Foreign Exchange Management Act, the Enforcement Directorate (ED) conducted a raid at the CoinSwitch Kuber corporate office. In the past, the agency took legal action against WazirX and Flipvolt, the Indian division of the troubled Singaporean cryptocurrency exchange Vauld. The searches, according to them, were a part of the ED’s investigation into the instant micro loan app scam’s money-laundering activities. Three strikes: The ED is currently looking into three transactions for allegedly diverting proceeds of crime from approximately 365 instant loan applications that charged exorbitant rates and employed unlawful measures to reclaim the money. CoinSwitch is supported by Sequoia Capital India and Andreessen Horowitz and has more than 18 million registered users. On its platform, it claims that bitcoin worth over one lakh crore has been transacted.