Vauld Pursues Legal Counsel After ED Issues Asset Freeze Order #togrp7

Singaporean crypto lender Vauld bristles as the Indian Enforcement Directorate (ED) issues a freezing order in connection with an ongoing money laundering case. Vauld claims the freezing order hurts all the more because the Singapore-based lender claims it complied with the law enforcement’s summons requesting documents and information.

Vauld is one of ten crypto exchanges with alleged Chinese connections that have come under scrutiny from Indian authorities for aiding in laundering Rs 1000 crore. The firms, including the Indian crypto exchange WazirX, are suspected of laundering funds for various predatory fintech companies that used the exchanges to purchase Rs 100 crore for transmission to overseas wallets. The ED claims that the crypto companies did not perform adequate Know-Your-Customer checks or keep suspicious transaction records (STRs). A person familiar with the matter.#togrp7

Leave a Reply

Your email address will not be published. Required fields are marked *