crypto: ED attaches Rs 907 cr assets of crypto exchanges under PMLA

Synopsis

Further, in case of crypto exchange Zanmai Labs Pvt Ltd, known as WazirX, assets worth Rs 289.68 crore have been seized from the exchange and its Directors for violation of the provisions of the foreign exchange management act (FEMA), Chaudhary said.

crypto: ED attaches Rs 907 cr assets of crypto exchanges under PMLA  0 The Enforcement Directorate has attached proceeds of crime worth Rs 907 crore and arrested three persons in cases related to money laundering by crypto exchanges, Parliament was informed on Monday. Minister of State for Finance Pankaj Chaudhary said Central GST officers have detected Goods and Services Tax (GST) evasion worth Rs 87.60 crore by 12 crypto exchanges.

Recovery of Rs 110.97 crore, including interest and penalty, has been made.

The minister said further investigation is under process in eight cases and four cases are closed on payment of tax along with interest and penalty.

Further, in case of crypto exchange Zanmai Labs Pvt Ltd, known as WazirX, assets worth Rs 289.68 crore have been seized from the exchange and its Directors for violation of the provisions of the foreign exchange management act (FEMA), Chaudhary said.

Did you Know?

S has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of S ’s offerings and reimagine processes for improved business outcomes.

View Details »In a written reply to a question in the Lok Sabha, the minister said the Directorate of Enforcement is investigating several cases related to crypto frauds wherein a few crypto exchanges have also been found involved in money laundering.

“As on December 14, 2022, proceeds of crime amounting to Rs 907.48 crore have been attached/seized, three persons have been arrested and four prosecution complaints have been filed before the Special Court, PMLA, in these cases,” Chaudhary said.

Currently, crypto assets are unregulated in India.

“Crypto assets by definition are borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation for regulation or for banning can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards,” Chaudhary added. crypto: ED attaches Rs 907 cr assets of crypto exchanges under PMLA  1crypto: ED attaches Rs 907 cr assets of crypto exchanges under PMLA  2Monday, 19 Dec, 2022Experience Your Economic Times Newspaper, The Digital Way!Read Complete Print Edition »

  • Front Page
  • Pure Politics
  • Companies
  • Companies & Economy
  • More
    • crypto: ED attaches Rs 907 cr assets of crypto exchanges under PMLA  3Buyback Norm Changes Among Proposals on Sebi Board Agenda

      Based on the findings of the Keki Mistry report, the regulator has proposed phasing out share buybacks from the open market through stock exchanges as these are prone to misuse.

      crypto: ED attaches Rs 907 cr assets of crypto exchanges under PMLA  4Tata in Final Talks to Buy Majority in UTI AMC from PSU Fin Cos

      The Tata Group is in final negotiations to buy a majority stake in India’s eighth-biggest mutual fund, UTI Asset Management Co (AMC), from four state-owned financial entities, according to people close to the development.

      crypto: ED attaches Rs 907 cr assets of crypto exchanges under PMLA  5RCap Threshold Bid Amount Pegged at ₹6.5kcr in 1st Round

      Reliance Capital’s administrator informed resolution applicants that they will need to offer at least ₹6,500 crore — pegged as the threshold bid amount — to participate in the auction for the company, said people aware of the development.

    Source

    Updated: 12/19/2022 — 06:00