Techub News reported that according to Bitcoin.com, the Indian Enforcement Directorate (ED) investigated and found large-scale cryptocurrency "illegal foreign exchange" activities and arrested the main player Manideep Mago under the Anti-Money Laundering Act.

The investigation found that a Delhi-based company sold more than 18.58 billion rupees (about 220 million US dollars) worth of cryptocurrencies on cryptocurrency exchanges and remitted more than 35 billion rupees (about 410 million US dollars) abroad.