A few days ago Enforcement Directorate has taken strict action against crypto exchange WazirX operated by Zanmai Labs. Now another piece of news came from the cryptocurrency industry. Vauld crypto exchange is now under the scanner of the Enforcement Directorate.
According to news sources, Enforcement Directorate has frozen assets worth ₹ 370 crores of the Vauld exchange on Tuesday. This news has come just after ED has taken action on WazirX in a money laundering probe.
After action on WazirX, the global crypto exchange Binance said, they are closing off-chain fund transfer with WazirX. ED has also frozen 64.67 crores from the bank account of WazirX.
This action has been taken by Enforcement Directorate while conducting a money laundering investigation against a number of Indian Non-Banking Financial Company (NBFC) companies and their fintech partners for violating RBI guidelines. According to ED investigation, this action is taken after many complaints of misuse of personal data and use of abusive language to extort a high rate of interest from loan takers. Many people have done suicide after being tortured by these loan companies.