Indian authorities freeze $8.1M in WazirX funds as part of AML investigation

Indian authorities freeze $8.1M in WazirX funds as part of AML investigation


India’s Directorate of Enforcement, or ED, has announced it froze roughly $8.1 million in funds and conducted a search connected to cryptocurrency exchange WazirX as part of an investigation into instant personal loan fraud.

In a Friday announcement, the Directorate of Enforcement alleged WazirX facilitated transactions by unnamed fintech firms “to purchase crypto assets and then launder them abroad” as part of a scheme involving Chinese-backed companies circumventing India’s licensing regulations. In its investigation, the ED said it ordered WazirX bank accounts containing 646.7 million Indian rupees — roughly $8.1 million at the time of publication — frozen and conducted a search connected to co-founder Sameer Mhatre.

According to the regulator, the investigation was still ongoing. However, the ED claimed the crypto exchange had “lax KYC norms”

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