WazirX Exchange is accused by Indian law enforcement of helping to launder $130 million.

The department in charge of combating financial crimes in India, the Enforcement Directorate (ED), is investigating cryptocurrency exchanges that may have handled transfers from companies under investigation to foreign wallets totaling more than 10 billion rupees, or roughly $130 million.

According to a representative who talked with The Economic Times, at least ten cryptocurrency exchanges are allegedly implicated, and WazirX's bank accounts have been seized.

Companies under investigation in a case involving rapid loans allegedly executed transactions totaling up to 1 billion rupees ($1.3 million) in the names of individuals with no relation to the money.

These businesses frequently had ties to China. The transactions were revealed to be suspicious by Know Your Customer/Anti-Money Laundering (KYC/AML) processes, but no increased due diligence was carried out and no suspicious transaction notifications were submitted to the ED, according to the agency.

Last week, the ED allegedly claimed that the exchange had helped approximately 16 fintech companies under investigation for money laundering. The ED froze WazirX bank accounts, which had about 647 million rupees, or $8.1 million.

In a blog post published on Tuesday, WazirX declared that all users are subject to KYC/AML procedures and the exchange fully cooperates with law enforcement. It claimed that the statement was made "on behalf of Zanmai Labs Pvt. Ltd.," which it said works with WazirX and Binance.

The blog post stated, "For every transaction, we are able to create the KYC details of the relevant user."

Due to the allegations against WazirX, people are now aware of Binance's involvement in the company's mysterious ownership structure.

Changpeng Zhao (CZ), the CEO of Binance, stated on August 5 that his business had not completed the acquisition of WazirX that had been announced in 2019.

The following day, CZ said, "We requested for transferring of WazirX system source code, deployment, and operations as recently as February this year," in a conversation with WazirX cofounder Nischal Shetty.

WazirX objected to this. The systems are NOT under the control of Binance.

It's not the first time WazirX has been criticized of having insufficient anti-money laundering procedures.

The ED accused WazirX of laundering illegal online gambling earnings in 2021; WazirX also had ties to China.

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