New Delhi: Groups making huge profits through cryptocurrency exchanges are now on the ED’s radar. The ED on August 3 raided the residence of a director of M/s Janami Lab Pvt Ltd, which operates cryptocurrency exchange ‘Vazirex’ under the PLLA. According to the information received from the sources, the bank accounts of the company having a balance of Rs 64.67 crore have been frozen after investigation. This company is accused of taking huge amount of money from China. Vazirex works through cloud based software. All employees working in it work from home. According to information, there is only space for two chairs in his office.
Most of the companies are backed by Chinese funds
The ED is probing cases against Indian NBFC companies and their fintech partners for violating RBI guidelines, misusing personal data with the help of tele-callers and charging high interest rates to borrowers. Not only this, the company has used abusive language from the customers to collect the loan amount at high interest rate. Most of the companies involved in this business are backed by Chinese funds. When these fintech companies could not get NBFC licenses from RBI to do lending business, they paved the way for MoUs with defunct NBFCs.
A huge profit was made from the MoU
ED’s criminal investigation has revealed that many fintech apps have closed their shops. Since then he has made huge profits using the MoU method with NBFCs. According to the information, after examining the fund trail, it was found that these profits were used by fintech companies to buy crypto assets. The money received from here was used abroad. That is, the illegal money laundering work was started. These companies and their virtual assets are not yet known. Crypto-exchanges have been summoned. It is seen that Vazirex exchange was given the highest amount. Crypto-assets thus purchased were sent to an unknown foreign wallet.
