Indian authorities have confiscated an amount worth Rs. Finance Minister Nirmala Sitharaman told the House of Commons on Tuesday, March 9 that 953.70 cores from the bust of crypto-related crimes in recent years. law to track certain transaction records. Meanwhile, India’s financial watchdog – the Department of Enforcement (ED) – is working closely with the finance ministry to curb crime around cryptocurrencies.
Sitharaman is answering a question from Velusamy P, an MP from Dravida Munnetra Kazhagam (DMK). She said that the ED is investigating several cases under the provisions of the Anti-Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA).
“Five people have been arrested and six Prosecution Complaints (PCs) including an additional PC have been filed before the Special Court, PMLA in these cases,” said Sitharaman of reply in writing submitted to Lok Sabha said.
“Furthermore, under the Foreign Exchange Management Act 1999 (FEMA) assets amounting to Rs. 289.28 crores were confiscated under section 37 A of FEMA and 01 Notice of Cause Visible for cryptocurrency exchange Zanmai Labs Pvt Ltd, known as WazirXand its Directors under FEMA for crypto-related transactions worth Rs. 2,790.74 crore has also been released,” the reply added.
with Crypto culture boom around the world, Indian investors are also rushing into this field.
In an effort to prevent criminals from abusing cryptocurrencies to launder illicit money, India recently obligatory all entities dealing in virtual assets to collect KYC details of their users under PMLA now also include crypto assets.
The Finance Minister of India has advised all members of India’s crypto community to do due diligence before entering the volatile crypto sector.
In India, crypto assets can be traded and held. However, the country does not equate any cryptocurrency with its fiat currency, making digital assets not a smooth payment option for everyday purchases.
Cryptocurrency is an unregulated digital currency that is not legal tender and subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.
