India’s Enforcement Directorate (ED) has reopened crypto exchange WazirX’s business bank account.
The agency froze the exchange’s bank account last month in relation to an ongoing investigation into alleged fraud on instant loan apps making short-term loans.
Around 16 fintech companies under investigation used the WazirX platform. “WazirX has been cooperating with the investigators by providing them with all the necessary details, information, and documents of the alleged accused companies who used the WazirX platform”, the exchange wrote.
On August 5, alongside freezing $8.1m in funds held by the exchange, the ED raided WazirX’s director Sameer Mhatre’s properties for allegedly assisting the “16 accused fintech companies in laundering the proceeds of crime using the crypto route”.
However, WazirX claimed it was not involved with the reportedly accused companies and stated it had already identified and blocked the suspicious users after an internal investigation was held in 2020-2021.
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