The crypto exchange has got permission to resume its banking operations.
Bank accounts of WazirX worth Rs 64.67 crore in money laundering probe.
The crypto exchange has said that it has fully cooperated with the ED in the investigation.
New Delhi. Cryptocurrency exchange WazirX said in an online post that India’s Enforcement Directorate (ED) has lifted the ban on accessing its bank accounts. Now the crypto exchange has got permission to resume its banking operations.
The post said that the ED has lifted the ban on the company’s bank accounts after Wazir X extended full cooperation in the investigation and anti-money laundering probe into the blocked suspicious accounts. WazirX is now in a position to continue its banking operations as usual.
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Bank accounts of Rs 64.67 crore of WazirX in investigation
According to media reports, the ED had frozen WazirX’s bank accounts worth Rs 64.67 crore last month in the investigation of a money laundering case. In this case, it is alleged that 16 Indian fintech firms and loan apps have transferred money to unknown foreign wallets through this crypto exchange. This is the same loan app case in which the instant loan app has treated people very unfairly and illegally. Because of this, hundreds of people got upset and were forced to commit suicide.
We fully cooperated in the investigation: WazirX
The crypto exchange has said that it has fully cooperated with the ED. Has provided all the necessary details, information and documents related to the 16 firms involved in the investigation that were using its platform. The crypto exchange has also said that most of the users whose information was sought by ED were considered suspicious by our platform and have also been blocked in the last two years. WazirX said that like any other intermediary, its platform can also be misused.
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WazirX received 1,023 requests for investigations from law enforcement agencies between October 2021 and March 2022, up from 377 requests received in the past six months. According to the WazirX Half-Annual Transparency Report published in April, 952 of these requests are from Indian law enforcement agencies. The report states that 95% of crypto-related frauds have occurred outside the Blockchain ecosystem.
Tags: crypto, Cryptocurrency, loan
FIRST PUBLISHED : September 12, 2022, 13:54 IST