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ED Raids Cryptocurrency Exchange WazirX, Freezes Bank Assets Worth Rs 64.67 Crores

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The Enforcement Directorate (ED) has visited the premises of director Zanmai Lab.

This company operates the famous cryptocurrency exchange WazirX located in Hyderabad and ordered the frozen balance in its bank account of Rs 64.67 crore, Officials told today.

Yesterday's raids were conducted on Sameer Mhatre, director at the firm. 

"He has a full remote connection to databases of WazirX; however, he's not giving the specifics of some big transactions."

It's believed that Chinese-owned online financial institutions (also known as instant-loan apps have diverted their earnings to purchase crypto assets to launder the money overseas. 

They included fintech firms that were denied loan-business licenses due to their misuse of personal information and threatened loan recipients with extortion and abusive calls, as per ED officials. 

The company diverted its profits following an investigation by focusing on crypto assets and then sending the funds to other countries.