The Enforcement Directorate (ED) has searched premises belonging to a director of Zanmai Lab - the company that runs popular cryptocurrency exchange WazirX - in Hyderabad, and ordered a freeze on its bank balance of Rs 64.67 crore, officials said today.
This comes just days after Minister of State for Finance Pankaj Chaudhary told Parliament that the ED is investigating two cases related to WazirX, for alleged violation of the Foreign Exchange Management Act.
The raids yesterday were conducted on Sameer Mhatre, a director of the company. "He has complete remote access to the database of WazirX, but he is not providing the details of the transactions."
It's suspected that some Chinese-backed online financial companies -- or instant-loan apps -- diverted their profits into buying crypto assets, to eventually launder the money abroad. These included fintech firms that were denied loan-business licences, because they had misused personal data and threatened loan takers with abusive...
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