Crypto News: Big ED action against crypto exchange WazirX, ban on bank deposits of Rs 64 crore
The Law Enforcement Branch has frozen Rs 64.67 crore in bank deposits as part of its money laundering investigation against cryptocurrency exchange WazirX.
Crypto News: The Law Enforcement Directorate (ED) on Friday banned bank deposits worth Rs 64.67 crore as part of its investigation into money laundering against cryptocurrency exchange WazirX . ED said it carried out raids in Hyderabad on August 3 against Janmai Lab Pvt Ltd, the owner of WazirX. He is the owner of the famous cryptocurrency exchange named WazirX.
WazirX accused of violating FEMA
The agency’s investigation against the crypto exchange is linked to the ongoing investigation against several Chinese lending apps operating in India. The ED had last year accused WazirX of violating the Foreign Exchange Management Act (FEMA). The polling agency said WazirX director Sameer Mhatre had full access to WazirX’s database even when he was remote. Despite this, it does not give details of transactions related to crypto assets. These assets were purchased from the proceeds of crime committed through the Quick Loans application.
ED prohibits bank deposits of Rs 64 crore
The ED said moveable assets of Rs 64.67 crore of WazirX were prohibited under the Prevention of Money Laundering Act. The Law Enforcement Branch said the crypto exchange has actively helped around 16 accused fintech companies legalize money mistakenly earned through crypto by encouraging ambiguity and weakening anti-trust standards. bleaching.