In a mega-multi city investigation, Republic TV has unearthed what is perhaps the biggest financial expose of 2022. A web of Chinese links, dubious loan apps and crypto exchanges was at work. Republic TV learnt that 10 cryptocurrency exchanges are under the scanner of agencies for laundering approximately Rs.1000 crore. One such Indian cryptocurrency exchange is allegedly WazirX.
WazirX is suspected to have laundered around Rs.67 crore. A week ago, ED issued a freezing order to freeze their Bank balances to the tune of INR 64.67 Crore after conducting raids on a director of Zanmai Labs Private Limited who owns this crypto exchange. Sources revealed that 74 fintech companies are under the scanner for cheating and 12 Non-Banking Financial Companies (NBFCs) are being probed for flouting RBI norms.
The ED has attached the bank balance of the aforesaid 12 NBFCs to the tune of Rs.105.32 crore. According to sources, the proceeds of crime in this alleged scam which involves instant loan Apps, Fintech companies, NBFCs and cryptocurrency exchanges is a whopping Rs.8,19,61,25,594.
Interestingly, during the investigation, it was found that the fintech companies allegedly received funds from China and Hong Kong. The shocking China hand in ruining India’s financial health just cannot be ignored.
The contours of the alleged scam
During the COVID-19 pandemic, around 365 fintech Apps were involved in sanctioning instant micro loans in India and then ensuring…
