ED cracks down on Wazir-X, which trades crypto currency


New Delhi. The Enforcement Directorate (ED) has issued a notice under the FEMA Act to exchange Wazir-X, which trades crypto currency like bitcoin. The ED has also issued show cause notices under the FEMA Act to Nischal Shetty and Sameer Hanuman Mhatre, directors of the exchange. It is being told that this case is related to the transaction of crypto currency worth Rs 2,790.74 crore. It is alleged that the crypto currency exchange allowed some of its suspicious users to do these transactions without valid documents.

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According to information provided by the Enforcement Directorate, the ED was already probing a money laundering case against online betting company Applications. This online betting company named Applications is owned by Chinese businessmen. Some arrests have also been made in this case. During the investigation of the case, the involvement of crypto currency exchange Wazir-X was also revealed. After which investigation has been started against Wazir-X and its directors.

In connection with the ongoing investigation against the online betting company Applications, the Enforcement Directorate has come to know that money laundering of Rs 57 crore was done by Chinese businessmen operating this company. After this these rupees were converted into crypto currency and then it was forwarded. When the investigation of the case progressed, it was found that this matter is not only of 55 crores but of many times more than this.

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The Enforcement Directorate alleges that crypto currency exchange Wazir-X allowed Chinese traders to conduct crypto currency transactions without checking the proper documents. Wazir-X is also alleged to have transferred the crypto currency held in his bridge account to the wallet of another exchange for some of his suspicious clients and also received it from the wallet of the other exchange. For this, Wazir-X also did not obtain the necessary documents, which is a clear violation of the provisions of Anti Money Laundering (AML), Foreign Exchange Management Act (FEMA) and Combating of Financing of Terrorism (CFT).

The Enforcement Directorate alleges that users of Wazir-X received crypto currency worth Rs 880 crore from its pull account from other crypto currency exchanges and also transferred crypto currency worth about Rs 1,400 crore. All these transactions were done without the submission of valid documents. It is alleged that Wazir-X and its directors also allowed their clients to do so. Along with this, Wazir-X extended all possible help to people involved in money laundering as well as other illegal and criminal activities.

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