The Enforcement Directorate (ED) is investigating at least ten cryptocurrency exchanges. Through the crimes of the accused under investigation in the instant loan app case. Most of them seem to have a Chinese link as they have been found to have laundered over 1,000 crores in cash.

The accused entities have reportedly resorted to exchanges to buy crypto coins worth over Rs. 100 crore and send crypto coins to international wallets. The exchanges have failed to collect Suspicious Transaction Reports (STRs). ED is likely to question the officials of crypto exchanges again next week.

KYC details (Know Your Customer) collected by exchanges have been found to be questionable. They have been identified with some people living in far-flung areas or in tier-2 or tier-3 towns who had nothing to do with the transactions, officials said.