Enforcement Directorate Seizes Rs. 90 Crore Funds Stored in Binance, ZebPay, WazirX Wallets

The Enforcement Directorate on Tuesday stated it has taken possession of funds price Rs. 90 crore, saved in cryptocurrency wallets of exchanges like Binance, ZebPay and WazirX, as a part of a cash laundering investigation linked to a web based gaming app “rip-off”.

“These crypto belongings had been subsequently taken into possession and transferred into the crypto pockets of the ED,” the federal company stated in an announcement.

The investigation pertains to a web based gaming rip-off app “rip-off” known as ‘E-Nugget’ that masqueraded as a gaming platform and “promised” customers excessive returns on their investments.

An FIR filed on the Park Avenue Police Station of Kolkata turned the premise of the ED case that was registered below the provisions of the Prevention of Cash Laundering Act (PMLA).

The app provided a collection of attractive video games designed for real-money wagering promised customers hefty commissions and painted an image of a “golden funding” alternative, the ED stated.

Nevertheless, this facade shortly fell aside as soon as investments had been made with the app going darkish and leaving buyers stranded and not using a strategy to reclaim their funds, it stated.

The ED stated it uncovered the alleged unlawful actions of the app in 2022 and located that part of the ill-gotten good points was invested in digital belongings.

About 2,500 mule or dummy financial institution accounts had been recognized, it stated.

The company stated it sought particulars of crypto wallets concerned on this case and held with cryptocurrency exchanges like Binance, ZebPay and WazirX.

“Info gathered from Binance and different exchanges led to the freezing of funds totalling practically Rs 90 crore accessible in 70 accounts, maintained with Binance, ZebPay and WazirX holding funds, which had been linked to the rip-off,” it stated.

The company had arrested two individuals — “mastermind” Aamir Khan and Romen Agarwal and likewise has filed a cost sheet within the case.

It has seized, connected or frozen a complete of Rs. 163 crore price of belongings on this case that contains money, cryptocurrencies, checking account balances, and a few workplaces.