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ED freezes Rs 370 cr in bank accounts of crypto exchanges

cryptocurrency

The Enforcement Directorate has frozen ₹370 crore in the bank accounts of a cryptocurrency exchange, which is under its scanner for alleged laundering of proceeds by companies accused of operating illegal loan apps.

The accused app-based loan companies allegedly used fintech for receiving payments and for payouts, said a person aware of the matter. The profits accumulated and the balance were then routed out of the country using crypto, adding another layer to the funds, said the person.

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