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?
Ranbir Kapoor: 'Ramayana', which has been in production for five years, is on the verge of closing, investors have not been found yet even in Ranbir's name.
The clouds of crisis have deepened over the film 'Ramayana', which is being made on the efforts started by Allu Mantena Media Ventures LLP under the name 'Project Ramayana'. After
'By 2041, Muslims will equal the population of Hindus', Assam CM's shocking claim.
Pointing out the magnitude of demographic change in Assam, Chief Minister Himanta Biswa Sarma claimed that if the current growth rate is maintained, the Muslim population in Assam will almost equal
Sukhbir Singh Badal: Deadly attack on Sukhbir Singh Badal, shot near Golden Temple in Amritsar
Shiromani Akali Dal President Sukhbir Badal has been attacked in Amritsar, Punjab. He was shot at in the Golden Temple. He had come to Sri Harmandir Sahib to undergo the religious punishment given by
'Shame on you, this will not be tolerated, ' this ex-Bigg Boss contestant lashed out at Tanya Mittal.
The atmosphere on the TV reality show "Bigg Boss 19" was quite heated this week. While the politics of relationships and conflicts continues in the house, a new controversy has now emerged. Actress
INC: 'Why is the government not responding to China's intrusion', Sonia Gandhi questions the government, Congress protests
Congress leader Sonia Gandhi has expressed concern over the confrontation between the Indian and Chinese armies in Tawang, Arunachal Pradesh. After the party's parliamentary party meeting, leaders of
Lok Sabha Elections: BJP's political agenda changed by the time Haryana arrived, Congress's emphasis on local issues.
While the BJP had its agenda during the nearly two-month-long election campaign in Haryana, Congress emphasized local issues. The political agenda of BJP, which entered the Lok Sabha elections with
Karur Stampede: Rahul Gandhi called actor Vijay regarding the Karur stampede and also sought information from the Tamil Nadu CM.
Congress leader Rahul Gandhi spoke to Tamil Nadu Chief Minister M.K. Stalin over the phone to inquire about the Karur stampede and express his condolences. He also spoke with TVK chief Vijay and
Viksit Bharat @ 2047: 'The coming generation will become the captain of the country,' PM Modi launches Bharat Vikas Yojana
Viksit Bharat @ 2047: Prime Minister Narendra Modi virtually addressed the 'Viksit Bharat @ 2047 Voice of Youth Workshop. The PM said, "This is the period in India's history when the country is going
Delhi AQI Today: CM Kejriwal called a high-level meeting, and more restrictions increased; Know AQI of Delhi-NCR
People are in bad condition due to pollution in Delhi NCR. The government has also implemented the next phase of the Graded Response Action Plan (GRAP) to prevent pollution. But still, there is no
Railway reprimanded Sonu Sood sitting at the door of a moving train, now the actor apologized, and said - just like that...
Sonu Sood, the star of Bollywood and South films, came forward as a messiah for the needy during the pandemic of Kovid 19. He did all possible help to the victims. But now something happened after
