ED freezes nearly 65 crore worth bank assets of crypto exchange platform WazirX
Enforcement Directorate (ED) has frozen assets of the Crypto Currency Exchange WazirX on Friday (August 5). The government body has seized bank assets worth Rs 64.67 crore of the company for assisting some accused ‘Instant LOAN APP Companies.’
WazirX’s bank assets worth 64.67 crore frozen by ED
The government body in a public statement on Twitter stated, “ED searches the Director of WazirX Crypto-Currency Exchange & freezes its Bank assets worth Rs 64.67 Crore for assisting accused Instant Loan APP Companies in laundering of fraud money via purchase & transfer of virtual crypto assets.”
ED searches the Director of WazirX Crypto-Currency Exchange & freezes its Bank assets worth Rs 64.67 Crore for assisting accused Instant Loan APP Companies in laundering of fraud money via purchase & transfer of virtual crypto assets.
— ED (@dir_ed) August 5, 2022
The government agency conducted searches against the director of Zanmai Lab Pvt Ltd, which owns WazirX, and he was said to be “non-cooperative.” (via PTI)
WazirX was on the radar of the government agency since this week as the Minister of State for Finance Pankaj Chaudhary recently noted that ED was investigating two cases related to the crypto-currency exchange firm.
In a written reply to Rajya Sabha, Chaudhary stated, ” In one of the cases, investigation done so far has revealed that one Indian Crypto-exchange platform, WazirX, operated by Zanmai Labs Private Limited in India was using the walled infrastructure of Cayman Island based exchange BINANCE. Further it has been found that all crypto transactions between these two exchanges were not even being recorded on the blockchains and were thus cloaked in mystery.”
In addition to this, reports suggest that the Director of WazirX, Sameer Mhatre, despite having remote access to the database of the company didn’t provide any details of the transactions relating to crypto assets, purchased from the proceeds of crime of instant loan app fraud.
Headquartered in Mumbai, WazirX is one of the most popular cryptocurrency exchange platforms where users trade Bitcoin, Ethereum, and other cryptocurrencies. The platform is known for its efficient and easy-to-use design and is said to offer best-in-class security while trading in cryptocurrencies.
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