The Enforcement Directorate of India (ED) released an inquiry, once again, for the multiple crypto-asset exchange portals. As per recent resources, Singapore-affiliated crypto company, Vauld, was placed on the radar of the anti-money laundering firm.
According to the latest press release, ED claimed that it had run a hunt at a regional organizational center of Vauld in Bangalore. It was revealed that the firm has applied for a freezing order to freeze Vauld’s bank transactions and fund gateway balances. These frozen cryptocurrencies are worth about Rs 370 crore (approx $46 million).
Although, Vauld had issued the order due to the revelations done by the ED. It is given that several crypto firms had been sent summons from the anti-money laundering company in the month of July this year. The ED has asked for certain details and papers.
Additionally, it has also claimed that Vauld entirely coordinated with the ED in sharing with them all the necessary documents. Along the way, the crypto firm termed it as ‘unfortunate’ that the company continued to freeze the virtual property even after the cooperation they gave the ED. Nearly $25 million worth of cryptocurrencies in the firm’s wallets are frozen.
Vauld revealed that they completely disregard the freezing order. It also told that the ED particularly called out to that one client who utilize their services. Although, that profile was deactivated.
The blog notably showed that Vauld is in search of legal advice to apply for the highest strategy of action for the sake of protecting the welfare of the clients and the firm. It also gave out that the firm very aptly follows KYC regulations in all its branches. Additionally, it claimed that the firm has been completely cooperating with the ED and will regardless do that without fail.