India's Financial Watchdog Freezes Vauld's $46M for Money Laundering
Main page News, India, Money Laundering, Regulations

Indian authorities have frozen $46.5 million belonging to Flipvolt Technologies, an Indian arm of Singaporean crypto lender Vauld, for helping Chinese individuals launder money.

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According to a press release, the funds — which were "nothing but proceeds of crime" — were deposited by 23 entities for converting into cryptocurrencies. Besides Flipvolt Technologies, the ED is also probing Yellow Tune Technologies for failing to comply with the local KYC/AML requirements. The ED says Flipvolt also failed to provide details of crypto transactions made by Yellow Tune Technologies.

Trading Volume on Indian Crypto Exchanges Tumble as Tax Regime Comes In

The move comes after the ED accused Indian cryptocurrency exchange WazirX of assisting dozens of questionable local fintech firms in money laundering. The regulator believes that WazirX is involved in laundering over $350 million.

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