NewsletterIndian Crypto Exchange WazirX Bank Assets Frozen Over Money laundering Charges
The Indian Cryptocurrency Exchange, WazirX has landed under the radar of the Enforcement Directorate (ED). In the latest developments, the ED searched the premises of WazirX’s Director.
ED Froze WazirX $8.13 million bank assets
According to reports, After conducting the searches, the ED has frozen their bank assets worth over Rs 64.67 crores (Approx $8.13 million). The government agency has accused the crypto platform of assisting instant Loan APP Companies in the laundering of fraudulent money. It added that the funds were being purchased and transferred via virtual crypto assets.
This big news came after Indian lawmaker, Pankaj Chaudhary mentioned that Enforcement Directorate is looking into two cases related to the Wazirx. It allegedly violated the Indian Foreign Exchange Management Act (FEMA).
As per the Times of India, Indiana Lawmaker said that crypto transactions between WazirX and the loan app were not recorded on the blockchains. This raised an alarm among the Indian agencies. However, show cause notice was issued under the provisions of the FEMA against the crypto platform.
It added that WazirX allowed outward remittance of digital assets worth over Rs 2.790 crore (approx $351 million) to some unknown wallets.
Crypto exchange allowed third party transfers
However, it is being reported that in another case, the accused crypto exchange allowed foreign participants to convert one crypto to another. WazirX also allowed transfers from third party exchanges like FTX and Binance.
Enforcement Directorate highlighted that the accused loan company used the digital assets to take funds out of the nation. It added that the majority of the money is transferred to Hong Kong by using cryptocurrencies.
The government agency found the pieces of evidence regarding the money transfer and froze the Rs 100 crore worth of digital assets. It added that ED searched Sameer Mhatre’s house in Mumbai while Nischal Shetty, another director of WazirX is said to be in UAE.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- XRP Price Could Crash to $1 on Double Top Pattern, Predicts Peter Brandt
- USD1 Gets Major Boost as Trump’s World Liberty Plans Treasury-Backed Expansion
- Bipartisan Crypto Bill Talks Progress Even as Markup Is Delayed Until Next Year
- Bitcoin, Ethereum, and Solana to Hit New Highs in 2026, Predicts Crypto ETF Issuer Bitwise
- Fed’s Chris Waller Says Labor Market Is ‘Very Soft,’ Signaling Support for More Rate Cuts
- Bitcoin Price Outlook: Capriole Founder Warns of a Drop Below $50K by 2028
- XRP Price Rare Pattern Points to a Surge to $3 as ETFs Cross $1B Milestone
- DOGE Whales Add 138M Coins in 24 Hours: Will Dogecoin Price Rebound Above $0.15?
- Ethereum Price Outlook Hinges on Whale Moves: Dump Below $2,800 or Reclaim Above $3K Next?
- Solana Price Outlook After Charles Schwab Adds SOL Futures — What Next?
- Pi Network Stares at a 20% Crash as Whale Buying Pauses and Demand Dries
