WazirX bank assets worth Rs 64.67 crore got frozen after ED searches

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The assets of cryptocurrency exchange platform WazirX bank worth Rs 64.67 crore were frozen after the Enforcement Directorate conducted searches on Friday. The searches were conducted in connection with a case in which the crypto exchange platform aided accused instant loan app companies in money laundering through the purchase and transfer of virtual crypto assets.

The investigation into the crypto exchange is linked to the agency’s ongoing investigation into a number of Chinese loan apps (mobile applications) operating in India. ED also stated that after the criminal investigation began, many of these fintech apps shut down and diverted the huge profits earned using the aforementioned method. “ED discovered that large amounts of funds were diverted by fintech companies to purchase crypto assets and then launder them abroad while conducting fund trail investigations. These companies and virtual assets are currently untraceable.”

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WazirX bank assets worth Rs 64.67 crore got frozen after ED searches

The assets of cryptocurrency exchange platform WazirX bank worth Rs 64.67 crore were frozen after the Enforcement Directorate conducted searches on Friday. The searches were conducted in connection with a case in which the crypto exchange platform aided accused instant loan app companies in money laundering through the purchase and transfer of virtual crypto assets.

The investigation into the crypto exchange is linked to the agency’s ongoing investigation into a number of Chinese loan apps (mobile applications) operating in India. ED also stated that after the criminal investigation began, many of these fintech apps shut down and diverted the huge profits earned using the aforementioned method. “ED discovered that large amounts of funds were diverted by fintech companies to purchase crypto assets and then launder them abroad while conducting fund trail investigations. These companies and virtual assets are currently untraceable.”

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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