218
The Indian Cryptocurrency Exchange, WazirX has landed under the radar of the Enforcement Directorate (ED). In the latest developments, the ED searched the premises of WazirX’s Director.
ED Froze WazirX $8.13 million bank assets
According to reports, After conducting the searches, the ED has frozen their bank assets worth over Rs 64.67 crores (Approx $8.13 million). The government agency has accused the crypto platform of assisting instant Loan APP Companies in the laundering of fraudulent money. It added that the funds were being purchased and transferred via virtual crypto assets.
This big news came after Indian lawmaker, Pankaj Chaudhary mentioned that Enforcement Directorate is looking into two cases related to the Wazirx. It allegedly violated the Indian Foreign Exchange Management Act (FEMA).
As per the Times of India, Indiana Lawmaker said that crypto transactions between WazirX and the loan app were not recorded on the blockchains. This raised an alarm among the Indian agencies. However, show cause notice was issued under the provisions of the FEMA against the crypto platform.
It added that WazirX allowed outward remittance of digital assets worth over Rs 2.790 crore (approx $351 million) to some unknown wallets.
