New Delhi: The Enforcement Directorate on Friday searched the premises of the director of the WazirX crypto-currency exchange. The central probe agency also froze bank assets worth Rs 64.67 crore to assist the accused Instant Loan APP companies in laundering of fraudulent money through purchase and transfer of virtual crypto assets.
ED attaches bank assets of WazirX worth Rs 64.67 crore. The ED is probing two crypto-currency-related cases against WazirX under the provisions of the Foreign Exchange Management Act, 1999 (FEMA). Initially, WazirX was issued a show-cause notice relating to a violation of the Foreign Exchange Management Act (FEMA) for allowing the transfer of cryptocurrencies worth Rs 2,790 crore to unidentified sources. WazirX is one of India’s leading cryptocurrency exchange with employees in over 70 locations. Earlier this year, reports claimed that WazirX co-founders Nischal Shetty and Siddharth Menon had shifted their base from India to Dubai.
