BREAKING ED Raids Crypto Currency Exchange WazirX Assets Worth Rs 64.67 Crores Frozen

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New Delhi: On Friday, the Law Enforcement Branch conducted research on the director of WazirX Crypto-Currency Exchange. The central polling agency also froze his bank assets worth Rs 64.67 Crores for helping accused instant loan app companies launder fraudulent money through the purchase and transfer of virtual crypto assets. The development comes days after Minister of State for Finance Pankaj Chaudhary said the ED was investigating two cases related to WazirX, for alleged breach of the Foreign Exchange Management Act.Read also – Guide to cryptocurrencies: essential tips to protect your crypto, explained by an expert – Watch the video

ED Raids on WazirX: What We Know So Far

  1. ED freezes WazirX bank assets worth Rs 64.67 crores.
  2. The ED is investigating two cryptocurrency-related cases against WazirX under the provisions of the Foreign Exchange Management Act of 1999 (FEMA).
  3. Initially, WazirX received a show cause notice regarding their violations of Foreign Exchange Management Act (FEMA) for allowing transfers of cryptocurrency worth Rs 2,790 crore to unidentified sources.
  4. WazirX is one of the leading cryptocurrency exchanges in India with employees in over 70 locations.
  5. Earlier this year, reports had claimed that WazirX co-founders Nischal Shetty and Siddharth Menon had moved their base to Dubai from India.
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