The agency initiated a money laundering investigation based on FIR filed by Nagaland Police in 2021. ED officials also revealed during the probe they found that huge balances were maintained in the virtual accounts of the entities involved with payment aggregators.
It is worth noting that several other cryptocurrency firms, especially crypto exchanges like CoinDCX, CoinSwitch Kuber, WazirX and others have been probed by the ED under PMLA.