Crypto regulation casuing millions of fines
Credits: Outlook India

ED froze more cryptocurrencies as a part of money laundering investigations

In the past few months, there have been many money laundering cases in the crypto industry, which is not good. As per the reports, ED recently froze more cryptocurrencies as a part of their investigations against the mobile gaming application E-nuggets. ED’s latest statement revealed that around 86 bitcoins found in the balance of one of the most famous crypto exchanges, Binance, were frozen.

The Indian Authority blocks more Tether and WazirX tokens

In a recent tweet by ED, it was revealed that they had frozen two more crypto coins under the PML act. The tweet indicates that WRX and tether, valued at around 47.66 lakhs, were frozen.

Last year, an FIR was registered against Aamir Khan, on the basis on which ED started a money laundering investigation against Aamir Khan as well as others related to the mobile application E-nuggets. The Indian Authority clarified that Aamir, along with Nesar Ahmed, built E-nuggets, which was used to defraud people. However, after collecting a large amount of money from the general public, the withdrawal from this app was stopped for no definite reasons.

ED froze more cryptocurrencies as a part of money laundering investigations
Credits: Outlook India

The government agency explained that their investigation revealed that the accused had transferred the amount through the E-nuggets application using a crypto exchange equivalent to 47.64 lakhs. They found this amount in the Wallet of WazirX, belonging to Aamir khan and his team members. They had frozen the money under the PML Act. ED also said that during the searches conducted earlier against Aamir Khan, they found 17.3 crore in cash, which was pretty shocking.

ED freezes more BTC 

As per the news, ED froze more cryptocurrencies, including around 86 bitcoin, equivalent to 13.56 crores. As per the earlier announcement, the Indian authority had frozen around 78 bitcoins in Binance, which means 8 more bitcoins had been frozen by the authority in recent times.

It was also believed that this platform acquired WazirX two years back. However, the CEO of Binance clarified that the acquisition of WazirX was never completed emphasizing the fact that they never owned any shares of the WazirX parent company Zanmai Lab.

What are your thoughts on ED’s action over the money laundering scam? Do you think it will be able to recover the whole amount? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends. 

Also Read: Crypto exchanges must pay monthly fees to operate in Uzbekistan.