Rs 49.18 crore has been recovered from Zanmai Labs (WAZIRX), Rs 17.1 crore from Coin DCX and Rs 16.07 crore from CoinSwitch Kuber
The government has recovered Rs 95.86 crore from 11 cryptocurrency exchanges that did not pay Goods and Services Tax (GST). The total amount includes penalty and interest. These exchanges include Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin and Flitpay.
Minister of State for Finance Pankaj Choudhary said in a written reply in Lok Sabha that the units of Central GST have11 cases of non-payment of GST by exchanges have been caught. Of these, GST of Rs 81.54 crore was evaded. 95.86 crore (including penalty and interest) has been recovered from these exchanges. Rs 49.18 crore has been recovered from Zanmai Labs (WAZIRX), Rs 17.1 crore from Coin DCX and Rs 16.07 crore from CoinSwitch Kuber. Other exchanges involved in the case are Zeb IT Services, Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations (Zebpay) and Discidium Internet Labs, the finance ministry said.
Cases of money laundering through cryptocurrencies are also increasing. Recently, the government said that the Enforcement Directorate (ED) is probing seven cases in which cryptocurrencies have been used for money laundering. Of these, about Rs 135 crore of crime proceeds have been seized so far. Law enforcement agencies have reported about cybercriminals using cryptocurrencies. ED investigation
of cases under the Prevention of Money Laundering Act (PMLA)It has been learned that the accused had spent the money received from the crime through virtual currency. The ED is probing seven cases in which cryptocurrencies have been used for money laundering. The investigation revealed that some foreign nationals and their Indian associates had remitted the crime proceeds abroad through cryptocurrency accounts in exchanges. In one of these cases, the ED had arrested an accused two years ago. The man had helped the accused foreign firms to convert the proceeds of crime into cryptocurrencies and transfer them abroad. A complaint has also been filed by the prosecution in this regard in the PMLA Special Court.