ED conducts raids on director of WazirX crypto exchange, freezes assets worth Rs 64 cr

The Enforcement Directorate (ED) on Friday said it has frozen bank deposits of Rs 64.67 crore as part of a money laundering probe against crypto currency exchange WazirX.

The federal agency said it conducted raids against a director of Zanmai Lab Pvt Ltd, which owns WazirX, on August 3 in Hyderabad and alleged he was “non-cooperative”.

The agency’s probe against the crypto exchange is linked to its ongoing investigation against a number of Chinese loan apps (mobile applications) working in India.

The agency had charged WazirX last year for alleged contravention of the Foreign Exchange Management Act (FEMA).