Indian Enforcement of Directorate (ED) has announced that it has frozen the financial-accounts of Bengaluru based financial services company Yellow Tune technologies, of which, some were held by Flipvolt cryptocurrency exchange, Indian branch of Singapore based Vauld, according to Cointelegraph. This move is aimed at an ongoing-investigation into money laundering by China-based instant loan companies, and is the second time within this week that the body took action in the cryptocurrency space.
As stated by Cointelegraph, the financial regulator announced that it froze Yellow Tune’s bank balances, payment gateway balances and balances in the Flipvolt cryptocurrency exchange for a total of Rs 3.7 billion, or $46.4 million after it was found that the company was a shell entity incorporated by two Chinese nationals through the use of pseudonyms. Going by various accounts, ED spent three days searching premises associated with Yellow Tunes, from which ED found that 23 entities had deposited funds into Yellow Tune’s Flipvolt wallets that were further transferred out of the country. The ED called those funds as “nothing but proceeds of crime derived from bad lending practices.”
Moreover, Cointelegraph mentioned that citing India’s Prevention of Money Laundering Act, 2002, ED froze funds in Flipvolt’s accounts which was in correlation with the sums transferred from Yellow Tune’s wallets to foreign wallets. Furthermore, the Singaporean exchange allowed 30% of its staffers to leave in June, and stopped withdrawals from its account at the starting of July. Through granting of protection from its Singapore creditors, it was granted three-month moratorium. Earlier this week, ED had frozen accounts worth $8.1 million funds of the cryptocurrency exchange WazirX, and was investigating at least nine more exchanges with ties to Chinese-backed instant loan companies. ED, through its latest communique, stated that its investigation of the case is still a work-in-progress.
(With insights from Cointelegraph)
Also read: What will be the financial implications of BTC dipping 5% from highs
Follow us on Twitter, Facebook, LinkedIn
Indian Directorate of Enforcement freezes accounts cryptocurrency based Yellow Tune Technologies & Latest News Update
Indian Directorate of Enforcement freezes accounts cryptocurrency based Yellow Tune Technologies & More Live News
All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue
to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.
Indian Directorate of Enforcement freezes accounts cryptocurrency based Yellow Tune Technologies & More News Today
All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward
Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links