The Directorate General of Enforcement (ED) on Friday said it had frozen Rs. 64.67 crore as part of a money laundering investigation against crypto exchange WazirX.
The federal agency says it has conducted raids against the director of Zanmai Lab Private Limited, which owns WazirXon 3 August in Hyderabad and was accused of being “uncooperative”.
Agency probe against electronic money The exchange is involved in the ongoing investigation into several Chinese lending applications (mobile apps) operating in India.
The agency charged WazirX last year for allegedly violating the Foreign Exchange Administration Act (FEMA).
“It was discovered that Sameer Mhatre, Director of WazirX, had full remote access to WazirX’s database, but although he did not provide details about the transactions related to the monetary asset. electronic funds, purchased from instant loan application fraud proceeds.” “Loose KYC norms, lax regulatory controls on transactions between WazirX and Binance, no recording of transactions transactions on the blockchain to save costs and not record the KYC of opposite wallets ensured that WazirX was unable to provide any accounts to the alleged ED in a statement.
It said the company made no effort to track these crypto assets. “By encouraging opacity and having lax AML (anti-money laundering) standards, it has actively assisted around 16 fintech firms accused of laundering proceeds of crime using the proceeds of crime,” it said. use the crypto route,” it said.
Therefore, the ED said, liquid assets are equivalent to Rs. 64.67 liars with WazirX have been frozen under the Anti-Money Laundering Act (PMLA).
