WazirX stated in a statement that the freeze on the company accounts of the Executive Directorate of India has been lifted.
In India, WazirX’s account was frozen in a scam file related to illegal loan practices. This decision in the case had attracted all the attention on a national scale.
WazirX’s Commercial Bank Account Reactivated
In a statement, WazirX stated that the commercial bank accounts of India’s Enforcement Directorate (ED) were made available again after being frozen for more than a month due to the lawsuit.
Last month, the exchange’s bank account was frozen by the ED in connection with an ongoing investigation into alleged fraud in instant lending apps, which are short-term lending apps.
The company said in a statement that some of the 16 fintech companies under investigation are using the WazirX platform. “WazirX cooperates with investigators to provide them with all necessary details, information and documents of defendants allegedly using the WazirX platform,” the exchange said.
On August 5, ED raided the properties of WazirX director Sameer Mhatre. He allegedly actively assisted around 16 accused fintech companies in money laundering using the crypto route. Based on this, the agency froze $8.1 million in funds held by the exchange in the commercial account.
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