ED freezes bank assets of WazirX worth ₹65 crores

What: Enforcement Directorate (ED) has frozen the accounts of the crypto trading platform WazirX under the Prevention of Money Laundering Act (PMLA). The bank assets are worth ₹64.67 crores.

ED: ED has found out that the fintech companies have diverted a large number of funds to purchase crypto assets that were laundered outside India. The agency also said that the maximum amount of funds were diverted to the WazirX exchange and the crypto assets purchased were diverted to foreign wallets.