scorecardresearchED freezes ₹370 crore worth assets of crypto exchange Vauld: Report

ED freezes 370 crore worth assets of crypto exchange Vauld: Report

Updated: 12 Aug 2022, 09:58 AM IST
TL;DR.

Another cryptocurrency exchange is now under the agency’s scanner only a few days after the ED froze the assets of WazirX

Recently, ED froze assets of cryptocurrency exchange WazirX in connection with a money laundering probe

Recently, ED froze assets of cryptocurrency exchange WazirX in connection with a money laundering probe

The Enforcement Directorate froze assets worth 370 crore of cryptocurrency exchange Vauld on Thursday, reported India Today

This happened barely days after the probe agency froze assets of cryptocurrency exchange WazirX in connection with a money laundering probe.

Meanwhile, global crypto exchange Binance on Monday stated that it was closing off-chain fund transfers with WazirX which is facing probe for outward remittance of crypto assets worth 2,790 crore to unknown wallets.

Zanmai Lab, which operates WazirX, was the subject of searches by the ED, which ordered the freezing of its bank accounts totalling 64.67 crore.

The ED is conducting a money laundering investigation against a number of Indian Non-Banking Financial Company (NBFC) companies and their fintech partners for predatory lending practices in violation of the RBI guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.

 

First Published: 12 Aug 2022, 09:58 AM IST