India’s anti-money laundering agency has frozen assets worth $46.4 million from the local entity of Vauld for facilitating “crime-derived” proceeds from predatory lending firms in the latest headache for the crypto exchange that filed for protection from creditors last month.
Flipvolt Technologies, the India registered entity of Singapore-headquartered Vauld, was used to deposit 3.7 billion Indian rupees by 23 entities, including non-banking financial companies and fintech firms, into the wallets controlled by Yellow Tune Technologies, the Enforcement Directorate said Friday of its ongoing investigation.
The agency said the Indian entity of Vauld maintains “very lax KYC norms, no EDD mechanism, no check on the source of funds of the depositors, no mechanism of raising STRs, etc,” factors that led the accused firms in “avoiding regular banking channels” and able to “easily take out all the fraud money in the form of crypto assets.”
Vauld’s India entity failed to provide the agency...
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