Sunday, March 02, 2025 | 11:49 PM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

ED investigating several cases related to crypto frauds: MoS Finance

Crypto assets are currently unregulated in India. Frauds relating to crypto are dealt with under extant laws against fraud and cyber crime

bitcoin, cryptocurrency, market, stocks, stock market trading, stock market

Press Trust of India New Delhi

Listen to This Article

Enforcement Directorate is investigating several cases related to cryptocurrency/ virtual digital currency frauds wherein a few crypto exchanges have also been found involved in money laundering, Parliament was informed on Monday.

In a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said the virtual digital assets have the potential for criminal misuse.

"Directorate of Enforcement is investigating several cases related to crypto currency/ virtual digital currency frauds wherein a few crypto exchanges have also been found involved in money laundering," he said.

Necessary action as per provisions of Prevention of Money Laundering Act, 2002 (PMLA) has been taken by the Directorate of Enforcement (ED), he added.

 

"As on January 31, 2023, proceeds of crime amounting to Rs 936.89 crore have been attached/seized/freezed, five persons have been arrested and six Prosecution Complaints (PCs), including one supplementary PC have been filed before the Special Court, PMLA in these cases," the minister said.

Further, under Foreign Exchange Management Act, 1999 (FEMA) assets amounting to Rs 289.28 crore have been seized.

The minister said one show cause notice to cryptocurrency exchange Zanmai Labs Pvt Ltd, known as WazirX, and its Directors under FEMA for transactions involving cryptocurrencies worth Rs 2,790.74 crore have also been issued.

Crypto assets are currently unregulated in India. Frauds relating to crypto are dealt with under extant laws against fraud and cyber crime.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Apr 03 2023 | 6:50 PM IST

Explore News