By: ABP News Bureau | Updated at : 04 Apr 2023 10:40 AM (IST)
A show cause notice has been issued to WazirX. ( Image Source : Pexels )
The Indian Parliament was informed on Monday that the Enforcement Directorate is investigating various cases of fraud related to cryptocurrency or virtual digital currency. These investigations have uncovered a few crypto exchanges that have also been involved in money laundering.
The Minister of State for Finance, Pankaj Chaudhary, has said that virtual digital assets have the potential to be criminally misused.
ALSO READ: Crypto Scam: Tamil Nadu Man Arrested For Deceiving Users Into Investing Money
According to Chaudhary, the Directorate of Enforcement has taken necessary action under the provisions of the Prevention of Money Laundering Act, 2002, in response to these cases. As of January 31, 2023, the Directorate has attached, seized or frozen proceeds of crime amounting to Rs 936.89 crore, arrested five individuals, and filed six Prosecution Complaints before the Special Court, PMLA in these cases. In addition, under the Foreign Exchange Management Act, 1999, assets worth Rs 289.28 crore have been seized.
ALSO READ: Crypto Hack: Maharashtra Man Loses Rs 12 Lakh After Account Gets Breached
The minister also mentioned that a show cause notice has been issued to cryptocurrency exchange Zanmai Labs Pvt Ltd, also known as WazirX, and its Directors under FEMA for transactions involving cryptocurrencies worth Rs 2,790.74 crore. As crypto assets are currently unregulated in India, frauds related to crypto are dealt with under existing laws against fraud and cybercrime.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
US Senator Elizabeth Warren Explains Why She Believes In ‘Anti-Crypto Army’ Amid Waves Of Criticism
Crypto Theft: Cybercriminals Steal $400,000 Via Fake Tor Browser, Kaspersky Report Shows
Cryptocurrency Price Today: DOGE Becomes Top Gainer As Most Coins See Minor Movements
‘As Promised’: Elon Musk Replaces Twitter Blue Bird Logo With ‘Doge’
Crypto Week Ahead: Despite Bitcoin’s Bull Run, Investors Should Remain Cautious
Major Avalanche In Sikkim’s Nathula, Seven Tourists Dead, Several Injured
Rajasthan CM Ashok Gehlot Tests Covid Positive. Had Met Rahul, Priyanka Gandhi On Monday
‘Baam’ And ‘Ram’ Have Joined Hands, Won’t Allow Rioters Go Scot-Free: Mamata Attacks BJP, Left
Uttar Pradesh: Patient Dies After BJP Leader’s Car Blocks Ambulance In Sitapur
PM Modi Meets King Of Bhutan Jigme Khesar Namgyel Wangchuck In Delhi
