Director's bank assets worth 64 crores frozen, helped Chinese loan app to send money abroad. ED Freezes WazirX Crypto Exchange Assets, Searches Director Over Loan App Case | NewsBust Director's bank assets worth 64 crores frozen, helped Chinese loan app to send money abroad. ED Freezes WazirX Crypto Exchange Assets, Searches Director Over Loan App Case | NewsBust

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Director’s bank assets worth 64 crores frozen, helped Chinese loan app to send money abroad. ED Freezes WazirX Crypto Exchange Assets, Searches Director Over Loan App Case

By Amit - August 5, 2022

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  • ED Freezes WazirX Crypto Exchange Assets, Searches Director Over Loan App Case

New Delhi8 minutes ago

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The Enforcement Directorate (ED) has frozen bank assets worth Rs 64.67 crore of Sameer Mhatre, a director of Zanmai Lab Pvt Ltd. Crypto exchange WazirX is owned by Zanmai Lab. The ED has taken this action after raiding the director’s premises.

The ED is probing money laundering cases against several Indian non-banking financial companies (NBCCs) and their fintech partners. They are accused of violating RBI guidelines, misusing personal data and speaking in abusive language with customers for loan recovery.

Loan App Partnership with Non Functional NBFCs
The agency said that many China-backed fintech companies could not get NBFC licenses to do the business of loans. That’s why they did MoU with their NBFC which is not functional.

Fintech app sends crypto assets abroad
After criminal investigations began, many of these fintech apps closed their businesses and diverted the huge profits they made. The ED found that fintech companies bought crypto assets from the fund in large quantities and then diverted them to launder abroad.

Highest amount transfer on WazirX exchange
ED had issued summons to crypto-exchanges. The ED said that it has been observed that the maximum amount was remitted to the WazirX exchange and the crypto-assets purchased were remitted to an undisclosed foreign wallet.

Director did not provide crypto asset details
The ED said that Sameer Mhatre had complete remote access to WazirX’s database, but despite this he did not provide details related to the crypto asset. The Finance Ministry had told the Rajya Sabha on August 2 that the ED was investigating WazirX under the Foreign Exchange Management Act (FEMA).

There is more news…

Amit

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