Enforcement Directorate Probing Several Cryptocurrency, Digital Currency Fraud Cases: MoS Finance

The ED has attached, seized, or frozen proceeds of crime amounting to Rs 936.89 crore as on January 31, 2023.

By Press Trust of India | Updated: 4 April 2023 12:35 IST

Enforcement Directorate Probing Several Cryptocurrency, Digital Currency Fraud Cases: MoS Finance

Photo Credit: Reuters

Crypto assets are currently unregulated in India

Highlights

ED said necessary action as per provisions of PMLA has been taken
MoS for Finance said one show cause notice to WazirX has also been issued
The minister said the virtual digital assets have potential for misuse

Enforcement Directorate is investigating several cases related to cryptocurrency/ virtual digital currency frauds wherein a few crypto exchanges have also been found involved in money laundering, Parliament was informed on Monday. In a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said the virtual digital assets have the potential for criminal misuse.

"Directorate of Enforcement is investigating several cases related to crypto currency/ virtual digital currency frauds wherein a few crypto exchanges have also been found involved in money laundering," he said.

Necessary action as per provisions of Prevention of Money Laundering Act, 2002 (PMLA) has been taken by the Directorate of Enforcement (ED), he added.

Samsung Wins Patent for a Tri-Fold Smartphone With Specialised Barrier Layer for Improved Durability

"As on January 31, 2023, proceeds of crime amounting to Rs 936.89 crore have been attached/seized/freezed, five persons have been arrested and six Prosecution Complaints (PCs), including one supplementary PC have been filed before the Special Court, PMLA in these cases," the minister said.

Further, under Foreign Exchange Management Act, 1999 (FEMA) assets amounting to Rs 289.28 crore have been seized.

The minister said one show cause notice to cryptocurrency exchange Zanmai Labs Pvt Ltd, known as WazirX, and its Directors under FEMA for transactions involving cryptocurrencies worth Rs 2,790.74 crore have also been issued.

Realme Narzo N55’s Product Page Goes Live on Amazon India: Details

Crypto assets are currently unregulated in India. Frauds relating to crypto are dealt with under extant laws against fraud and cyber crime.

Priyanka Chopra on Citadel and Her Controversial Podcast

Smartphone companies have launched many compelling devices over the first quarter of 2023. What are some of the best phones launched in 2023 you can buy today? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.