Indian authority searched offices of a16z-backed CoinSwitch Kuber

India’s financial crime-fighting agency searched premises of the Bengaluru-headquartered crypto exchange startup CoinSwitch Kuber over suspicion of violation of the South Asian market’s local foreign exchange management act, two people familiar with the matter said.

The Enforcement Directorate searched the premises on Thursday and spoke with the financial team as well as co-founder and chief executive Ashish Singhal, the people said, requesting anonymity as the matter is private and sensitive.

“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,” a CoinSwitch Kuber spokesperson told TechCrunch in a statement.

The startup, valued at nearly $2 billion and backed by Andreessen Horowitz and Sequoia India, declined to elaborate.

The government agency has performed over a half a dozen probes into tech firms this year including Chinese smartphone vendors Vivo, Oppo and Xiaomi and seized over $1 billion of capital that it said firms had evaded in fraudulent tax computations.

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