August 05, 2022
ED Investigates WazirX and Freezes $8.13 Million Worth of Its Bank Assets
The Enforcement Directorate (ED) of India is conducting investigation into the activities of popular Indian cryptocurrency exchange WazirX.
The platform is accused of assisting instant loan app companies in money laundering via purchase and transfer of digital assets.
After conducting raids against the director of Zanmai Lab Private Limited which owns WizarX, the ED has decided to freeze Rs 64.67 crores ($8.13 million) worth of the company's bank assets. The WazirX platform is also reported to have violated the Indian Foreign Exchange Management Act (FEMA).
