Big Trouble for WazirX - more then Rs. 69 Crore bank assets freeze


Hello all @leofinance lover and Hive friends

Wazirx one of the popular exchange in India is in big trouble as Enforcement Directorate (ED) has freeze the bank assets of more then Rs. 69 Crore, as as per the post on twitter by ED account.


The new comes out in the afternoon. ED has been investigating the App loan. As per the news ED has found the link between App loan case and one of the company director.
As per the ED the Wazirx helps the launder fraudulently by providing them insteant load and the loan amount was used to purchase the crypto, which (crypto) was transferred to abroad.

“A show cause notice has been issued under the provisions of FEMA [Foreign Exchange Management Act] against WazirX for allowing outward remittance of crypto assets worth Rs 2,790 crore to unknown wallets,” - MoS finance, Pankaj Chaudhary

Three days back the finance Minister told the Rajya Sabha about the investigation going on for two cases against the WazirX related to the Foreign Exchange Management Act, 1999.

This will surely effect the trade on the platform as well as the amount hold by the users with wazirX.
WazirX is one of the popular and most used exchange in India and the current scenario will effects the users also.

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Posted Using LeoFinance Beta

Posted Using LeoFinance Beta