Indian authorities freeze more crypto funds over money laundering allegations
Cointelegraph
Published Aug 12, 2022 04:59PM ET
Updated Aug 13, 2022 07:00PM ET
India’s Directorate of Enforcement (ED) announced Friday that it has frozen the financial accounts of Bengaluru-based financial services company Yellow Tune Technologies, some of which were held by Flipvolt crypto exchange, the Indian branch of Singaporean Vauld. The move is linked to an ongoing investigation into money laundering by China-linked instant loan companies. This is the second time this week the agency has taken action in the crypto sphere in connection with that case.
The financial watchdog announced it was freezing Yellow Tune’s bank balances, payment gateway balances and balances in the Flipvolt cryptocurrency exchange for a total of 3.7 billion rupees, or $46.4 million after determining that the company was a shell entity incorporated by two Chinese nationals using pseudonyms. According to newspaper accounts, the ED spent three days searching premises associated with Yellow Tunes.
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Written By: Cointelegraph
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