India’s General Department of Enforcement (ED) has frozen approximately $46 million in assets belonging to Vauld for the purpose of investigating a money laundering case.
India freezes Vauld’s $46M for money laundering investigation
The Directorate General of Enforcement of India (ED), a law enforcement agency that investigates financial crimes, has confirmed that it is investigating Vauld (Flipvolt Technologies) and Yellow Tune Technologies on charges of facilitating illegal money transfers through cryptocurrency exchanges.
According to the regulator, 23 entities deposited 3.7 billion rupees into Yellow Tune’s crypto wallet, then sent it to foreign wallet addresses and issued suspicious transaction reports.
Vauld has been accused of laxity in identity verification (KYC) and anti-money laundering (AML), failure to provide authorities with wallet details and substantiation of transactions conducted by Yellow Tune. presently. As a result, the Vauld-owned Indian exchange will have the laundered funds seized until the company provides evidence against the allegations.
This is the second blow that ED has “dealt” to the crypto industry in August. Back on the 5th, ED raided Wazirx headquarters to block about $8 million of the exchange. WazirX is suspected of helping the instant loan app company launder money by converting them into cryptocurrency on its platform.
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