Winning Bizness Desk

Mumbai. Every day some new news comes out about cryptocurrency and the exchanges that trade it. Now an information has come to light that the Enforcement Directorate (ED) is investigating 10 such cryptocurrency exchanges, which are allegedly involved in money laundering of Rs 1 thousand crore. This information has been given in a media report. According to this report, these 10 cryptocurrency exchanges are alleged to have bought and transferred virtual crypto assets through some instant loan companies in China. The information has been given in the report quoting experts in the case, who did not give their names.

Crypto Coins sent to International Wallets

According to this report, the investigation revealed that the accused companies were approaching exchanges to buy crypto coins worth more than Rs 100 crore and the crypto coins were sent to international wallets. It has been said that the exchanges did not conduct any enhanced due diligence means necessary investigation and did not even submit Suspicious Transaction Reports (STRs). Reports suggest that the federal agency may question officials of crypto exchanges under investigation again next week.

WazirX is also under investigation

Last week, the agency said it had frozen bank deposits worth Rs 64.67 crore as part of a money laundering probe against cryptocurrency exchange WazirX. A raid was conducted against a director and it is said that he did not cooperate. The agency accused WazirX of alleged violations of the Foreign Exchange Management Act (FEMA) last year.