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 Atlee's Next: Varun Dhawan revealed this big secret about Salman-Atlee's film, fans will be surprised to know
After working with Shah Rukh Khan in 'Jawaan', director Atlee is ready for his next film. Bollywood superstar Salman Khan can be seen in this film. Earlier reports had told that this will be an action
DC vs KKR Playing 11: Will Kuldeep return in today's match? KKR eyes third win, see possible playing 11
Captain Rishabh Pant's half-century against Chennai Super Kings has boosted the morale of Delhi Capitals. The half-century inning not only brought Pant back into form but also gave Delhi its first win
Russia Ukraine War: Zelensky said - Putin is not serious about ending the war, compensating for the loss
The ongoing war between Russia and Ukraine is about to enter the 8th month. However, this battle has not yet reached any conclusion. Meanwhile, Ukrainian President Volodymyr Zelensky has said that
P20 Summit: PM Modi inaugurates P20 conference; Its theme ‘Parliament for One Earth, One Family, One Future’
Prime Minister Narendra Modi on Friday inaugurated the ninth conference of the Presiding Chairmen of Parliaments of G20 member countries (P20) at the Yashobhoomi Convention Centre. Earlier, Lok Sabha
Afghanistan's condition under Taliban rule: 65 percent cut in the budget; 2,106 people were killed in one year
The Taliban government completed one year in Afghanistan. After the departure of the American army, the situation here remains very serious. Children in 80 percent of families in troubled Afghanistan
Indian Medical Student: India warns students who want to study medicine in China
India has issued a detailed advisory warning for students waiting to study medicine in China. As the process of registering new students begins, India has alerted students to post-study problems in
Trump Tariff: Trump's tariffs hurt the US economy, decision to return to Reciprocal Tariff will be difficult
The fear of Reciprocal Tariff is still a little uncertain but comparatively seems to be calming down a little. Donald Trump government realized in just a week that reciprocal tariff is a weapon that
Violence: A huge decline in the incidents of violence in India, claims in the book – Terrorist incidents reduced by 70 percent
There has been a drastic reduction in incidents of violence in India in recent years. This claim has been made in a new book. The upcoming book 'Internal Security in India: Violence, Order, and the
Comedian Raju Srivastava's team told his condition, had a heart attack while working out
Comedian Raju Srivastava suffered a heart attack while working out. It is being told that while exercising on Wednesday morning, he fell on the trade mill. He was admitted to AIIMS. Raju's team has
Kolkata Case: 'Hang him or do whatever you want...', the accused's mother-in-law said on the rape-murder case of a female doctor
The investigation into the rape and murder of a female doctor at Kolkata's RG Kar Medical College and Hospital is underway. On the other hand, protests are continuing against the incident. Meanwhile,
