Here’s why The Indian ED has frozen USDT and WazirX’s WRX

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Last Updated on October 1, 2022 by Bitfinsider

The agency in charge of enforcing economic laws in India froze the prime accused’s and his associates’ assets. Furthermore, according to the ED, the funds have been frozen in accordance with the provisions of India’s Prevention of Money Laundering Act (PMLA).

A police complaint filed on 15 February 2021 under various sections of the Indian Penal Code prompted the investigation.

Federal Bank officials filed a complaint in the Chief Metropolitan Magistrate’s court in Kolkata, West Bengal, against the alleged and his associates.

The announcement of this freeze came just days after the ED froze more than 77 Bitcoin in connection with the same case. According to the ED’s press release, the seized BTC was worth INR 12.83 crores. The coins were also discovered during an investigation into the accused’s business activities.

According to the agency, the accused used cryptocurrency exchanges to transfer the gained funds to an overseas account. One such account was established on the Indian cryptocurrency exchange WazirX.

The account was reportedly used to buy cryptocurrencies and transfer them to an account on the cryptocurrency exchange Binance.

A search operation conducted on the accused’s premises resulted in the seizure of INR 17.3 crore in cash. Further investigation is still ongoing.

Although an indirect case, this will not be WazirX’s first run-in with the ED. The cryptocurrency exchange had several run-ins with the ED in 2022.

Following a week-long investigation into alleged fraud on the instant loans app, the exchange’s bank accounts were unfrozen just last month.


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