ED Attaches 907 cr, Arrests 3 in Relation to Money Laundering by Crypto Exchanges

The Enforcement Directorate has attached proceeds of crime worth 907 crore and arrested three persons in cases related to money laundering by crypto exchanges, Parliament was informed on Monday.

Minister of State for Finance Pankaj Chaudhary said Central GST officers have detected Goods and Services Tax (GST) evasion worth 87.60 crore by 12 crypto exchanges. Recovery of 110.97 crore, including interest and penalty, has been made.

The minister said further investigation is under process in eight cases and four cases are closed on payment of tax along with interest and penalty.

Further, in case of crypto exchange Zanmai Labs Pvt Ltd, known as WazirX, assets worth 289.68 crore have been seized from the exchange and its directors for violation of the provisions of the Foreign Exchange Act, Chaudhary said.

In a written reply to a question in the Lok Sabha, the minister said the Directorate of Enforcement is investigating several cases related to crypto frauds, wherein a few crypto exchanges have also been found involved in money laundering. S-ET

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