Tag: Crackdown

Troubles for Vauld are still not over, recently Singapore High Court granted the parent of troubled crypto lender Vauld three-month protection from creditors. 

However, In India, The Enforcement Directorate froze Vauld’s Indian assets worth Rs 370 crore of Singapore-based cryptocurrency exchange Vauld in connection with a money laundering probe.

The ED is conducting a money laundering investigation against a number of Indian Non-Banking Financial Company (NBFC) companies and their fintech partners for predatory lending practices in violation of the RBI guidelines and by using tele-callers who misuse personal data and use abusive language to extort high-interest rates from the loan takers.

After ED raids on Wazirx, Other cryptocurrency exchanges that are under the ED lens. The authority is investigating alleged money laundering cases of over Rs 1,000 crore involving at least 10 crypto exchanges.

According to media reports, cryptocurrencies of more than 100 crores were bought on exchanges and later sent to international wallets. The exchanges did not conduct any enhanced due diligence and even failed to raise suspicious transaction reports (STRs). It also added that KYC details were also dubious in many cases. The person with KYC has no connection with the transaction in many cases.