Enforcement Directorate Financial News

Following its last hearing, cryptocurrency lending platform Vauld reached out to its customers seeking their interest to be a part of a proposed Committee of Creditors (CoC), to whom it owes money.

Enforcement Directorate (ED), the income tax department, and the Central Bureau of Investigation (CBI) with vital data on crypto assets. The objective is to monitor and curb the use of cryptocurrencies in illegal activities like crime and money laundering. The goal is to augment the regulatory framework surrounding the digital asset market, which has often been likened to the Wild West due to its lack of oversight. The envisaged database will serve as a repository of critical information on crypto exchanges, aiding regulators in monitoring and ensuring compliance within the crypto sphere. The Genesis of the Database The goal of this ambitious project is to construct a centralized system capable of monitoring various elements of crypto transactions. The database will not limit itself to recording activity within India alone. Instead, it intends to include a raft of information from major international exchanges, such as Binance, Bybit, and Kucoin. By doing so, it will offer governments worldwide a panoramic view into the often opaque world of crypto asset transactions. Detailed Oversight

The Enforcement Directorate has searched wallet or user IDs associated with Binance crypto exchange, as part of its ongoing probe related to mobile gaming app E-nuggets, sources told CNBC TV-18 on November 11.

Government sources said the WazirX episode has brought to fore a lot of issues. (Representational)

Enforcement Directorate (ED) is probing at least ten cryptocurrency exchanges for allegedly laundering more than Rs 1,000 crore identified as proceeds of crime of the accused firms under investigation in the instant loan app case most of them having a China link, said people aware of the matter. The probe has unearthed instances of the accused firms approaching the exchanges to buy crypto coins for more than Rs 100 crore and crypto coins being sent to international wallets, the people told ET on condition of anonymity.

Wazirx was using walled infrastructure of BINANCE, Minister of State for Finance Pankaj Chaudhary said

Enforcement Directorate (ED) is probing the use of the darknet and cryptocurrencies by India's most-wanted fugitive, Dawood Ibrahim, amid suspicion that the underworld don has turned to digital tools to deploy the proceeds of crime raised through money laundering to invest primarily in offshore real estate. Ibrahim has been found to be actively involved in various illicit businesses, including betting, drug trafficking and extortion, said people privy to the details of the probe. «A substantial amount of the proceeds of crime raised through these illegal businesses has been invested to buy cryptocurrencies and purchase real estate,» said one of the officials, who did not wish to be identified. «Money is routed to wallets through hawala transactions and then these wallets are used to purchase real estate. The United Arab Emirates (UAE) is one of the preferred destinations both for purchase of wallets and investing in real estate. D-Company (Ibrahim's criminal syndicate) has a strong hawala network to send money to the UAE.»