The Enforcement Directorate (ED) has raided the premises of Sameer Mhatre, director of the WazirX cryptocurrency exchange. The ED has also frozen their accounts. It is being told that an amount of Rs 64.67 crore lying in their accounts has been frozen.
The director of the company is alleged to have helped accused instant loan app companies of money laundering fraudulently through the purchase and transfer of crypto assets.
The federal agency said it conducted raids in Hyderabad on August 3 against a director of Janmai Lab Pvt Ltd, which owns the WazirX cryptocurrency exchange. The ED has also said that they were not cooperating during the raids.
Accused of helping China's loan app companies
This action of the ED (Enforcement Directorate) against crypto exchange Wazirx is related to the ongoing investigation against several Chinese loan apps operating in India. The agency accused WazirX of alleged violations of the Foreign Exchange Management Act (FEMA) last year.
The ED has said that WazirX director Sameer Mhatre has full access to WazirX's database, but despite this, he is not providing data related to crypto transactions that have been purchased with the proceeds of the loan app fraud. . WazirX is accused of aiding the director of a cryptocurrency exchange accused loan app companies in money laundering fraudulently through the purchase and transfer of virtual crypto assets.
Violation of RBI guidelines
Let us tell you that the Enforcement Directorate is investigating all NBFC companies operating in the country and their fintech partners for violating the guidelines of the Reserve Bank of India (RBI) and misuse of personal data and money laundering. These companies are accused of using abusive language to collect high-interest rates from borrowers using tele callers.
Let us tell you that after not getting the license related to lending business to many Chinese financed fintech companies in the country from RBI, they started their work by signing MoUs with the closed NBFC companies. When the investigation started in this case, many companies ran away from their business and hid the money earned.
Money laundering is done with the help of crypto exchange
The ED (Enforcement Directorate) in its investigation so far has found that these companies invested heavily in cryptocurrencies and transferred them abroad with the help of exchanges. There have also been many such proofs related to transactions in cryptocurrencies that were not even recorded in the blockchain of crypto. In such a situation, these virtual assets have not been traced yet.
In the same case, ED issued summons to crypto exchange WazirX. WazirX is alleged to have facilitated the transfer of crypto assets purchased on behalf of the accused companies to unknown foreign wallets.
Also Read: Crypto Terror Funding: Using Cryptocurrencies For Terror Funding, How Safe Is Your Investment?
Salman Khan's shocking photo surfaced from the promotion of KKBKKJ, fans were upset to see the change in his face
Kisi Ka Bhai Kisi Ki Jaan Actor Salman Khan: Salman Khan's film Kisi Ka Bhai Kisi Ki Jaan is about to release after a few days. The star cast of the film is promoting it vigorously before its
Imran Khan's supporters came onto the road, affecting the traffic; Police requested not to set fire to vehicles
After the assassination attempt on former Pakistan Prime Minister Imran Khan, his supporters have taken to the streets. There are fierce protests against the government regarding the deadly attack on
PM Modi took an update on the tunnel accident over the phone from the Chief Minister, said - 'All the laborers will be evacuated safely'
Prime Minister Narendra Modi on Monday spoke to Uttarakhand Chief Minister Pushkar Singh Dhami over the phone and took updates on the relief and rescue operations being carried out for the workers
83 foreigners out of 134 active terrorists in Jammu and Kashmir: Revealed in the report of the Ministry of Home Affairs; 167 terrorists killed in 2022 so far
The number of foreign terrorists operating in Jammu and Kashmir has increased. This was revealed in the report of the Ministry of Home Affairs. It has been told that at present 134 terrorists
India Forex Reserves: Good news for India, foreign exchange reserves jump by $14.72 billion
India Foreign Currency Reserves: There is good news for India. There has been a tremendous jump in India's Forex Reserves. In the week ending November 11, 2022, there has been a jump of $ 14.72
Pakistan Economic Crisis: Neither traveling in business class, nor staying in five-star hotels, ministers of the Shahbaz government
Pakistan is currently surrounded by a deep economic crisis. The country's foreign exchange reserves have remained at less than three billion US dollars. Inflation is skyrocketing. The people of the
Light rain in Delhi-NCR, now cold will knock; Schools closed after IMD alert in Tamil Nadu
The weather pattern seems to be changing once again in the national capital Delhi. The sky remained cloudy in Delhi on Tuesday morning. During this, light rain has also occurred in many places in
The Foreign Minister of Belarus arrives in India on a two-day visit, and will meet S Jaishankar this evening
Belarus Foreign Minister Vladimir Makei arrived in Delhi on Wednesday for his two-day visit to India. According to the Ministry of External Affairs, Makey will meet External Affairs Minister S
Bigg Boss OTT 2: Jia Shankar upset after seeing the bonding of Manisha Rani and her father, the actress cried remembering the family
Bigg Boss OTT Season 2 is gaining immense popularity among viewers. Seeing the demand for the show, the makers extended it by two weeks. Apart from this, social media influencers like Abhishek Malhan
Jaishankar Argentine Visit: Jaishankar meets the President of Argentina, and emphasizes increasing bilateral cooperation with India
Indian External Affairs Minister S. Jaishankar met with the President of Argentina Alberto Fernandez. They discussed the possibility of bilateral cooperation in defense and nuclear energy along with