The Enforcement Directorate (ED) has seized proceeds of crime amounting to Rs 1,144 crore and arrested 20 people in cases related to frauds in cryptocurrency or virtual digital assets, Minister of State for Finance Pankaj Chaudhary said on Monday.
Further, under Foreign Exchange Management Act, 1999 (FEMA), assets amounting to Rs 270.18 crore have been seized under section 37A of FEMA and a 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 has also been issued.
"The 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," Mr Chaudhary said.
The ED has taken action as per provisions of the Prevention of Money Laundering Act (PMLA), 2002.
As of date, proceeds of crime amounting to Rs 1,144.47 crores (approximately) have been attached or seized or frozen and 20 people have been arrested.
Further, 12 prosecution complaints (PCs), including two supplementary PCs, have been filed before the Special Court, PMLA in these cases.
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