Cryptocurrency Balance Freeze Of Vauld: Indian Saga – TronWeekly

“Lax KYC [Know Your Customer] norms, loose regulatory control of allowing transfers to foreign wallets without asking any reason/declaration/KYC, non-recording of transactions on Blockchains to save costs etc, has ensured that Flipvolt is not able to give any account for the missing crypto assets. It has made no sincere efforts to trace these crypto assets.”

Cryptocurrency exchanges suspected by ED

The Enforcement Directorate (ED) of India is investigating cryptocurrency exchanges that may have handled transfers from companies under investigation to foreign wallets totaling more than 10 billion rupees, or nearly $130 million. ten cryptocurrency exchanges, at least, are apparently implicated.

However, local publications stated that WazirX, a cryptocurrency exchange, had its bank account suspended.

In a case involving rapid loans, it is claimed that organisations under investigation conducted transactions of up to 1 billion rupees ($1.3 million), or $1.3 million, in the names of individuals who had no relation to the money. These companies frequently had ties to China. Even though anti-money laundering and know your customer procedures indicated that the transactions were suspicious, neither enhanced due diligence nor suspicious transaction notifications were submitted to the ED.

Furthermore, WazirX bank accounts containing 647 million rupees ($8.1 million) were frozen by the ED. claiming that roughly 16 fintech companies under investigation for money laundering received assistance from the exchange.

Source: https://www.tronweekly.com/cryptocurrency-balance-freeze-vauld-indian-saga/