India's ED which investigates financial crime has frozen the WazirX bank account while it looks at transfers from instant loan companies to international wallets.
India's Enforcement Directorate (ED) is looking at cryptocurrency exchanges suspected of processing transactions that sent more than 10 billion rupees or about $130 million from firms under investigation to international wallets. at least ten crypto exchanges are allegedly involved
According to Economic Times, and bank account of exchange WazirX has been frozen the newspaper reported.
Transactions of up to 1 billion rupees of $1.3 million, or $1.3 million were allegedly made in the names of people with no connections to the money by companies under investigation in a case involving instant loans these companies often had ties to China. Even though know your customer/anti-money laundering procedures showed the transactions to be suspicious no enhanced due diligence was performed and no suspicious transaction reports were filed with the ED.
Read full news at : https://cryptounity.news/indian-law-enforcement-accuses-wazirx-exchange-of-aiding-in-laundering-of-130m
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