ED freezes Rs 65-crore assets of company running cryptocurrency exchange WazirX

The Enforcement Directorate (ED) said on Friday it had frozen bank balances of Rs 64.67 crore belonging to a company that runs a popular cryptocurrency exchange, WazirX, adding that premises of a director of the company, Zanmai Labs, was searched on Wednesday.

The ED said it had found evidence against the company while investigating non-banking financial companies (NBFC) and their fintech partners indulging in predatory lending practices. After the investigation started, it said, many of these companies shut up shop and diverted funds through the fintechs to buy crypto assets, which were then laundered abroad.