Crypto-currency exchange WasirX under ED scanner
The Hindu
Agency sends notice over transactions worth ₹2,790.74 crore.
The Enforcement Directorate has issued a show cause notice to exchange Zanmai Labs Private Limited (WazirX) and its directors, Nischal Shetty and Sameer Hanuman Mhatre, under the Foreign Exchange Management Act (FEMA) for transactions involving digital currencies worth ₹2,790.74 crore. The agency has initiated an inquiry under the FEMA on the basis of its findings in the ongoing money laundering investigation into illegal online betting applications owned allegedly by Chinese nationals. According to the ED, it found that the accused Chinese nationals had laundered proceeds of crime worth about ₹57 crore by converting the funds into ‘Tether’ crypto-currencies and then transferring the same to Binance, an exchange registered in Cayman Islands, and wallets based on instructions received from abroad.
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