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Vauld comes under ED scanner after the agency freezes assets worth Rs 367 crore

The Enforcement Directorate continues its scrutiny and crackdown on crypto exchanges as Flipvolt’s accounts worth Rs 367 crore are frozen

The Directorate of Enforcement (ED) continued its crackdown on crypto entities last week as it moved to freeze assets worth Rs. 367 crore belonging to Flipvolt cryptocurrency exchange, according to a press release by the agency. Flipvolt is the Indian subsidiary of the Singaporean crypto lender— Vauld. A breakdown of the assets provided by the ED stated that its order froze Flipvolt’s bank and payment gateway balances to the tune of Rs. 164.4 crore and crypto assets worth Rs. 203.26 crore, under the Prevention of Money Laundering Act, 2002. Why it matters: The action taken by ED suggests that the agency will continue to intensify its investigation into nebulous practices of crypto businesses in India. It also underscores the need for the Union government to rush deliberations on the proposed law on crypto so as to plug regulatory gaps in oversight. What did the ED allege: The agency revealed that it conducted searches at various properties of a company called Yellow Tune Technologies Private Limited in Bengaluru. It alleged that Flipvolt failed to give the agency a complete trail of crypto transactions made by Yellow Tune Technologies in addition to supplying no KYC of wallets to whom transfers were made. It added that the exchange did not make an effort to trace these crypto assets and has helped Yellow Tune in laundering proceeds of crime worth Rs. 370 Crore with the help of crypto. It accused Flipvolt of having no EDD mechanism, no check on the source of funds of…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

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