The Enforcement Directorate (ED) is probing at least ten cryptocurrency exchanges for allegedly laundering more than Rs 1,000 crore identified as proceeds of crime of the accused firms under investigation in the instant loan app case most of them having a China link, said people aware of the matter.
The probe has unearthed instances of the accused firms approaching the exchanges to buy crypto coins for more than Rs 100 crore and crypto coins being sent to international wallets, the people told ET on condition of anonymity. The exchanges did not conduct any enhanced due diligence and even failed to raise suspicious transaction reports (STRs), they said.
The ED is expected to question officials of the crypto exchanges under investigation again next week, said an industry executive.
“While so far the agency has frozen the accounts of WazirX, similar transactions have taken place on the other exchanges and they have been asked to join the probe,” said an official familiar with the...
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