Frozen bank accounts of WazirX were released after probe
By MYBRANDBOOK
WazirX has said that the Enforcement Directorate has released the bank accounts it froze, under its money-laundering investigation. It also said most of the users whose information was sought by the ED were already identified as suspicious by WazirX internally and were already blocked.
The investigative agency had frozen Rs 64.67 crore worth accounts of WazirX last month for allegedly assisting money laundering, in connection to the probe against Chinese money-lending applications, which had allegedly used crypto exchanges such as WazirX to launder proceeds of their fraud.
The investigation was part of ED’s crackdown on 16 fintech companies and illegal loan apps—some of which happened to use the WazirX platform. The company further clarified that it has no association with any of the alleged accused Fintech and Instant loan app entities which appear to be the subject of ED investigation, and is carrying out the KYC/AML checks despite having no legal obligation to do so. WazirX is like any other intermediary whose platform may have been misused.
A statement added, “Due to the active cooperation extended by WazirX and active Anti-money laundering (AML) checks that led to the blocking of suspicious accounts, ED has unfrozen the bank accounts of WazirX. WazirX is now in a position to continue its banking operations as usual.”
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