India ED freezes US$1.57 mln in crypto

Please fol­low and like us:
Pin Share

India’s finan­cial crime fight­ing agency has frozen over US$1.5 mil­lion in cryp­tocur­ren­cies as part of a mon­ey laun­der­ing inves­ti­ga­tion against mobile gam­ing appli­ca­tion E‑nuggets, the Enforce­ment Direc­torate (ED) said on Wednes­day.  

See relat­ed arti­cle: Indi­an author­i­ties probe alleged $125 mln mon­ey laun­der­ing cas­es involv­ing cryp­to, report says

Fast facts

  • The ED launched a mon­ey laun­der­ing inves­ti­ga­tion against E‑Nuggets founder Aamir Khan “and oth­ers,” after author­i­ties in the east­ern city of Kolkata filed a com­plaint against the sus­pects in Feb­ru­ary last year. 
  • E‑Nuggets was alleged­ly designed to defraud the gen­er­al pub­lic, the ED said. 
  • The app alleged­ly dis­abled with­drawals after col­lect­ing a sig­nif­i­cant amount of mon­ey from users and all data were erased from the app servers. 
  • The ED said its inves­ti­ga­tion revealed that the accused trans­ferred some ille­gal prof­its from the gam­ing app to over­seas accounts.
  • The accused used a dum­my account to pur­chase cryp­to on Indi­an exchange WazirX before trans­fer­ring the assets to Binance exchange, the agency said. 
  • Ear­li­er this month, an ED-led raid at Khan’s res­i­dence led to the recov­ery of about US$2.1 million.

See relat­ed arti­cle: India cryp­to traders try to dodge fall­out from WazirX woes, spat with Binance

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *