Authorities Accuse Vauld’s Indian Entity of Helping in Cash Laundering

Authorities Accuse Vauld’s Indian Entity of Helping in Cash Laundering

The government has frozen $46 million of the firm’s sources.

Key Takeaways

  • Flipvolt, Vauld’s excellent entity in India, has had 3.7 billion Indian rupees ($46 million) of its sources frozen.
  • Indian authorities voice that the firm helped a consumer launder prison proceeds.
  • It’s miles unclear whether or no longer this info is related to Vauld’s insolvency and its resolution to freeze user withdrawals.

Authorities in India have frozen $46 million in sources belonging to Vauld’s excellent entity within the country.

Abetting Cash Laundering

Vauld has been accused of helping a consumer launder money.

Yellow Tune Technologies, a consumer of Vauld’s Indian entity Flipvolt, was lately searched by India’s Directorate of Enforcement. This skill that of its findings, the government authority will freeze Flipvolt’s monetary institution balances, price gateway balances, and crypto balances. This protection applies to three.7 billion Indian rupees ($47 million) of sources, per a press originate.

The Directorate of Enforcement says that Flipvolt was nice looking with money laundering, as 23 non-banking monetary corporations deposited the above sources into Flipvolt wallets held by a consumer identified as Yellow Tune Technologies.

Indian authorities had been unable to detect Yellow Tune Technologies’ operators. On the opposite hand, they chanced on right thru their investigation that Yellow Tune is a shell firm integrated by two Chinese language nationals identified handiest as Alex and Kaldi.

The sources nice looking with Yellow Tune’s transactions had been “nothing but proceeds of crime derived from predatory lending practices,” per the Directorate of Enforcement.

The authority said that Yellow Tune was ready to have a study “very lax KYC norms” with the relief of Flipvolt. It added that Flipvolt “made no loyal efforts” to brand the sources in seek info from or present a transaction path. As such, it says Flipvolt “actively assisted” in money laundering by serving Yellow Tune.

Vauld’s internet house lists Flipvolt as its India-basically based excellent entity alongside Defi Funds Pte Ltd, its Singapore-basically based excellent entity.

Vauld is one of a whole lot of cryptocurrency lending platforms that froze withdrawals this summer season attributable to insolvency. Since then, the company has sought monetary catastrophe security. It has additionally begun to acquire the capacity for an acquisition by Nexo.

It’s miles unclear whether or no longer this week’s pattern is related to Vauld’s earlier insolvency. Vauld within the originate cited monetary difficulties with companions as one reason for suspending user withdrawals but did no longer particularly mention Yellow Tune for the time being.

Disclosure: On the time of writing, the author of this share owned BTC, ETH, and varied cryptocurrencies.

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