The Enforcement Directorate of the Ministry of Finance of India has blocked the crypto-lending platform Vauldaccess to assets valued at 370 crores (~$46 million). It is reported by India Today.
The department did not give official comments. Representatives from Vauld told CoinDesk that they are looking into the issue.
On July 4, the company announced the suspension of operationsand possible restructuring due to financial difficulties. The next day it became known that rival Nexo had signed a preliminary takeover agreement with Vauld.
Later, the media, citing documents for the court, found out that the volume of Vauld's outstanding debt after these events amounted to $402 million, of which $363 million fell on retail investors.
According to the Economic Times, the regulator is investigating ten crypto platforms to help foreign firms launder money using cryptocurrencies.
Recall, the Law Enforcement Department of the Indian Ministry of Finance suspected WazirX of laundering $350 million. According to media reports, the regulator froze the assets of the exchange for $8.16 million as part of the case.
The regulator had claims against WazirX back in 2021 - the exchange was suspected of violating currency rules.
In the same year, one of the divisions of Binance came to the attention of the Anti-Money Laundering Agency of India.
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