Indian authorities freeze more crypto funds over money laundering allegations

The Indian Directorate of Enforcement froze $46.4 million in the accounts of Vauld's Indian branch until the exchange can represent the criminal continues it moved out of the country.

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India's Directorate of Enforcement (ED) reported Friday that it has frozen the monetary records of Bengaluru-based monetary services company Yellow Tune Technologies, some of which were held by Flipvolt crypto exchange, the Indian part of Singaporean Vauld. The move is connected to a continuous examination concerning money laundering by China-connected instant loan companies organizations. This is the second time this week that the agency has made a move in the crypto circle regarding that case.

The monetary guard reported it was freezing Yellow Tune's bank funds, and payment gateway. balances in the Flipvolt cryptocurrency exchange for a sum of 3.7 billion rupees, or $46.4 million after discovering that the company was a shell entity incorporated by two Chinese nationals using pseudonyms. As per newspaper accounts, the ED endured three days looking through premises related to Yellow Tunes.

Read full news at : https://cryptounity.news/indian-authorities-freeze-more-crypto-funds-over-money-laundering-allegations

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