India’s Enforcement Directorate (ED) says it has frozen greater than 77.6 bitcoins that have been transferred to Binance from Indian crypto alternate Wazirx. The freeze is a part of a money laundering investigation right into a cellular gaming application.
Indian Authority Freezes Bitcoin Held at Crypto Exchange Binance
India’s Directorate of Enforcement (ED) announced Wednesday that it has frozen 77.62710139 bitcoins underneath the nation’s Prevention of Money Laundering Act (PMLA). The ED is the Indian authorities’s regulation enforcement and financial intelligence company.
The freeze is a part of the ED’s investigation right into a cellular gaming application referred to as E-nuggets. According to the announcement, the cryptocurrency was transferred from Wazirx, a well-liked Indian alternate, to Binance. The ED additionally tweeted a abstract of its motion.
The regulation enforcement company defined that “Aamir Khan, S/o Nesar Ahmed Khan launched a mobile gaming application namely E-Nuggets, which was designed for the purpose of defrauding [the] public,” including:
After amassing seizable quantity of money from the general public, hastily withdrawal from the mentioned app was stopped on one pretext or the opposite. Thereafter, all knowledge together with profile info was wiped off from the mentioned app servers.
The ED defined that its investigations have revealed that the accused transferred a part of the illegally earned funds abroad by way of the Indian crypto alternate Wazirx.
The accused allegedly opened a dummy account within the identify of “Sima Naskar (Proprietor of M/s Pixal Design)” with Wazirx and used it to buy cryptocurrencies, the ED additional described, elaborating:
Thereafter the mentioned crypto currencies have been additional transferred to a different account in one other crypto alternate, specifically Binance.
“The balance of said transferred cryptocurrencies i.e. 77.62710139 bitcoins [equivalent to USD 1,573,466 (Rs 12.83 crore approximately)] at Binance crypto exchange has been freezed,” the ED wrote.
Binance was believed to have acquired Wazirx in 2019. However, Binance CEO Changpeng Zhao (CZ) not too long ago mentioned that the acquisition “was never completed,” emphasizing that “Binance has never — at any point — owned any shares of Zanmai Labs, the entity operating Wazirx.”
The ED froze the financial institution belongings of Wazirx value greater than $8 million in August. However, earlier this month, Wazirx mentioned that its financial institution accounts have been unfrozen. Following Wazirx, the ED froze crypto and financial institution belongings value $46 million of Vauld, a crypto platform backed by Peter Thiel. In August, the company searched crypto alternate Coinswitch Kuber. However, the CEO of the alternate mentioned that it was not associated to money laundering investigations.
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