New Delhi: The Enforcement Directorate on Friday conducted searches on the Director of WazirX Crypto-Currency Exchange. The central probe agency also froze its bank assets worth Rs 64.67 Crores for assisting accused Instant Loan APP Companies in the laundering of fraud money via purchase and transfer of virtual crypto assets. The development comes days after Minister of State for Finance Pankaj Chaudhary stated that the ED is investigating two cases related to WazirX, for alleged violation of the Foreign Exchange Management Act.
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ED Raids on WazirX: What We Know So Far
ED freezes bank assets of WazirX worth Rs 64.67 crores.
The ED is investigating two cases related to crypto-currency against WazirX under the provisions of Foreign Exchange Management Act, 1999 (FEMA).
Initially, WazirX was issued a show-cause notice pertaining to their violations against the Foreign Exchange Management Act (FEMA) for permitting transfers of cryptocurrency worth Rs 2,790 crore to unidentified sources.
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WazirX is one of India’s leading cryptocurrency exchange with employees in over 70 locations.
Earlier this year, reports had claimed that WazirX co-founders Nischal Shetty and Siddharth Menon shifted their base to Dubai from India.
