Indian Crypto Exchange WazirX’s Assets Worth $8.2 Million Seized

WazirX faces money laundering accusations, bank account seized.

One of India’s largest crypto exchanges WazirX suffered a major blow as its bank account was seized after the Enforcement Directorate on Friday conducted searches.

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WazirX is being accused of assisting instant loan app companies in laundering money via cryptocurrencies.

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ED conducted searches on one of the Directors of M/s Zanmai Lab Pvt Ltd, owner of WazirX.

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Indian law enforcement agency claims large amounts of funds were diverted by the fintech companies to purchase crypto assets and then launder them abroad.

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ED has also sent summons to other crypto exchanges that were involved in assisting money laundering.

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ED had searched WazirX for alleged violation of the Foreign Exchange Management Act.

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WazirX stands accused of helping illegal Chinese firms launder money through cryptocurrencies.

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