ED attaches Rs 370 cr deposits, including crypto assets of a Bengaluru firm

The Enforcement Directorate (ED) on Friday said it has attached Rs 370 crore worth deposits — invested in bank, payment gateway and crypto accounts — of a Bengaluru-based “shell” company incorporated by two Chinese nationals who left the country in 2020.

The federal agency froze the funds after it raided the premises of the company, Yellow Tune Technologies Pvt. Ltd, located in Karnataka’s capital city over three days, starting August 8.

The agency stumbled upon the alleged illegal activities of the company during its ongoing money laundering probe against some dubious smartphone-based loan lending apps which are stated to be “backed by” Chinese funds.

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