Indian government agency dir_ed is investigating at least 10 crypto exchanges for allegedly laundering around $130 million, according to a report. By amitoj
The money laundering investigation gained attention recently after the ED raided the properties of a WazirX director. This sparked anbetween WazirX founder Nischal Shetty and Binance CEO Changpeng 'CZ' Zhao over ownership of the Indian exchange.
The government agency estimates that the accused firms laundered more than 1,000 crore rupees or around $130 million in the instant loan app case, adding that most of the allegations have a China link, the report said., the ED had stated"summons were issued to the crypto exchanges" after conducting raids on the properties of a WazirX director. The ET report adds that at least 10 exchanges are under investigation.
The accused firms approached exchanges to buy crypto for more than Rs 100 crore after which the tokens were sent to international wallets without enhanced due diligence or raising suspicious transaction reports , according to the probe's current findings as stated in the report.
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