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The federal agency said it conducted raids against a director of Zanmai Lab Pvt Ltd, which owns WazirX, on August 3 in Hyderabad and alleged he was “non-cooperative”.
The agency’s probe against the crypto exchange is linked to its ongoing investigation against a number of Chinese loan apps (mobile applications) working in India.
The agency had charged WazirX last year for alleged contravention of the Foreign Exchange Management Act (FEMA).
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It said the company made no efforts to trace these crypto assets. “By encouraging obscurity and having lax AML (anti-money laundering) norms, it has actively assisted around 16 accused fintech companies in laundering the proceeds of crime using the crypto route,” it said.
Therefore, the ED said, equivalent movable assets to the extent of Rs 64.67 crore lying with WazirX were frozen under the Prevention of Money Laundering Act (PMLA).