NCB Asks Wazir X for info on Alleged Drug Dealer on its Crypto platform

The Mumbai wing of the Narcotics Control Bureau (NCB) recently sought details from Wazir X about an alleged drug dealer on its platform, but the cryptocurrency exchange said on Friday that the accused was not a Wazir X user.

On Tuesday, the NCB arrested makarand Pradeep Adivirkar, aka cryptoking, in Mumbai for allegedly using bitcoin to purchase LSD on the dark Web in November.

“During interrogation, the accused claimed that he used various cryptocurrency exchanges for his business. One of the platforms he named in his statement is Wazir X, “a senior NCB official privy to the developments said.

A probe is under way and once there is more clarity on the flow of money, “we will seek more information from the said exchange, if need be, “ the official added.

A spokesperson for Wazir X said that it had informed the NCB that the accused had not used its platform.

“On June 11, 2021, Wazir X received an email from the NCB enquiring about the said accused and his trading activity on Wazir X. Upon checking our records, we identified that the accused is not a Wazir X user, and we communicated the same to the authorities on June 12, “the spokesperson said in a statement.

The development comes a week after the Directorate of Enforcement (ED) asked Wazir X, India’s largest cryptocurrency exchange by volume , to explain transaction worth Rs.2,790.74 crore, which the agency alleged were in violation of foreign exchange rules.

The exchange said that, as of June 18, it had not received any summons from the ED.

Wazir X said it would continue to follow know your customer (KYC) and anti-money laundering rules.

“We perform stringent KYC verification of every user to verify their identity as well as secondary KYC verification through linked bank accounts before allowing a customer to trans act on Wazir X.” S-ET

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