The Enforcement Directorate conducted searches on one of the directors of Zanmai Labs Private Limited which owns the popular cryptocurrency exchange WazirX, issues a freezing order to freeze their bank balances to the tune of 64.67 crore, news agency ANI reported. This development comes after the Directorate of Enforcement (ED) served crypto exchange WazirX a notice under the FEMA Act, Minister of State for Finance Pankaj Chaudhary told Rajya Sabha on Wednesday.
Notably, the agency's probe against the crypto exchange is reportedly linked to its ongoing investigation against a number of Chinese loan apps (mobile applications) working in India.
ED searches the Director of WazirX Crypto-Currency Exchange & freezes its bank assets worth 64.67 Crores for assisting accused Instant Loan APP Companies in the laundering of fraud money via purchase & transfer of virtual crypto assets
— ANI (@ANI) August 5, 2022
The ED is investigating two cases related to crypto-currency against...
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