The Enforcement Directorate of India (ED) has frozen the assets of a Bengaluru-based cryptocurrency firm, Flipvolt.
As reported by “The Federal”, the assets frozen were worth over RS 370 crore.
Flipvolt Cryptocurrency exchange is held by Yellow Tune Technologies Private Limited, after its Chinese owners left India in December 2020.
The ED alleged that the firm was used by Chinese nationals, who were using bank credentials and digital signatures of dummy directors to launder funds collected in India.
The agency noted that the seizures on Friday following searches were carried out at the premises of Yellow Tune Technologies in Bengaluru.
“While doing fund trail investigation, ED found that large amounts of funds to the tune of Rs 370 crore were deposited by 23 entities, including accused NBFCs and their fintech companies, into the INR wallets of M/s Yellow Tune Technologies Private Limited held with Crypto Exchange M/s Flipvolt Technologies Private Limited.” the report said.