The Enforcement Directorate (ED) of India said it has frozen more cryptocurrencies, including Bitcoin, Tether and Wazirx tokens. The operation is part of its investigation into the mobile gaming app E-nuggets. The ED revealed in its latest announcement that nearly 86 bitcoins found on cryptocurrency exchange Binance were frozen.
Indian Authorities Freeze More Cryptocurrencies: Bitcoin, Tether, Wazirx Tokens
India’s Enforcement Directorate (ED) announced on Friday that it has frozen two other cryptocurrencies under the country’s Prevention of Money Laundering Act (PMLA). The ED is the law enforcement and economic intelligence agency of the Government of India. Announcement details:
The Enforcement Directorate (ED) has frozen Rs 4.764 million worth of cryptocurrencies WRX (Wazirx’s utility token) and USDT (tether, an ethereum token pegged to the value of the US dollar).
The ED launched a money laundering investigation against Aamir Khan and others linked to E-nuggets under the FIR of February 15, 2021.
Indian authorities say Aamir Khan of S/o Nesar Ahmed Khan launched “E-Nuggets designed to deceive the public”. “Furthermore, withdrawals from the app were abruptly stopped under first-class excuses after huge sums were collected from the public.”
The agency explained that its investigation revealed that the defendants used cryptocurrency exchanges to transfer amounts earned through the E-nuggets gaming app, detailing:
An amount equivalent to Rs 4.764 lakh was found in the wallets of Wazirx (cryptocurrency exchange) belonging to Aamir khan and colleagues and has been frozen under PMLA.
Furthermore, the ED pointed out that in an earlier search of Amir Khan, cash of Rs 17.32 crore was found and confiscated.
Indian Authorities Freeze More Bitcoin on Binance
The latest announcement from the Education Department states:
The 85.91870554 bitcoins found in the Binance exchange balance worth $1,674,255.7 (approximately 13.56 rupees at market exchange rates) were frozen.
In an earlier announcement, the ED said it had frozen 77.62710139 bitcoins on Binance. This means that ED has 8.29160415 more BTC frozen.
Binance is believed to have acquired Wazirx in 2019. However, Binance CEO Changpeng Zhao (CZ) recently stated that the acquisition was “never completed,” stressing that “Binance has never – at any time – owned any stake in the entity, Zanmai Labs, which operates Wazirx. .”
The ED froze Wazirx’s bank assets worth more than $8 million in August. However, earlier this month, Wazirx said its bank accounts had been unfrozen. After Wazirx, the ED froze $46 million worth of cryptocurrency and banking assets from Vauld, a cryptocurrency platform backed by Peter Thiel. In August, the agency searched the cryptocurrency exchange Coinswitch Kuber. However, the exchange’s chief executive said this was not related to the money laundering investigation.
What do you think of Indian authorities freezing more cryptocurrencies in money laundering investigation? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused or related to the use of or reliance on any content, goods or services mentioned herein.