The Enforcement Directorate has just recently, on Friday, June 11, issued a Show Cause Notice to the Indian crypto currency exchange- WazirX for a supposed violation of FEMA (Foreign Exchange Management Act), 1999. The accused violation involved crypto transactions of worth ₹2,790.74 crore. The FEMA investigation instigated by the ED is based on the money laundering investigation of the illegal online Chinese betting app, which is currently in process, read the statement given out by the ED. In a statement released by the ED, it said- \'\'During the course of the investigation, it was seen that the accused Chinese nationals
Earlier today, the Enforcement Directorate issued a press release that said the government agency has issued a show cause notice to Nishcal Shetty and Sameer Mhatre for cryptocurrency transactions worth Rs 2,790.7 crore that violated FEMA rules.
According to a note by the Enforcement Directorate, WazirX was being used by foreigners to launder gambling proceeds. The ED says that Chinese nationals used the crypto exchange to launder Rs. 57 crore, and noted that users can transfer money without proper documentation.
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