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Key Takeaways Flipvolt, Vauld's legal entity in India, has had 3.7 billion Indian rupees ($46 million) of its assets frozen. Indian authorities say that the company helped a client launder criminal proceeds. It is unclear whether this news is related to Vauld's insolvency and its"/><meta name="robots" content="follow, index, max-snippet:-1, max-video-preview:-1, max-image-preview:large"/><link rel="canonical" href="https://www.zitobox.com/blog/industry-news/authorities-accuse-vaulds-indian-entity-of-aiding-in-money-laundering/" /><meta property="og:locale" content="en_US" /><meta property="og:type" content="article" /><meta property="og:title" content="Authorities Accuse Vauld’s Indian Entity of Aiding in Money Laundering - November 2022" /><meta property="og:description" content="The government has frozen $46 million of the company's assets. Key Takeaways Flipvolt, Vauld's legal entity in India, has had 3.7 billion Indian rupees ($46 million) of its assets frozen. Indian authorities say that the company helped a client launder criminal proceeds. It is unclear whether this news is related to Vauld's insolvency and its" /><meta property="og:url" content="https://www.zitobox.com/blog/industry-news/authorities-accuse-vaulds-indian-entity-of-aiding-in-money-laundering/" /><meta property="og:site_name" content="User's blog" /><meta property="article:tag" content="casino" /><meta property="article:tag" content="free online slot games" /><meta property="article:tag" content="gambling" /><meta property="article:tag" content="slot machines" /><meta property="article:section" content="Industry News" /><meta property="article:published_time" content="2022-10-21T14:54:46+00:00" /><meta name="twitter:card" content="summary_large_image" /><meta name="twitter:title" content="Authorities Accuse Vauld’s Indian Entity of Aiding in Money Laundering - November 2022" /><meta name="twitter:description" content="The government has frozen $46 million of the company's assets. Key Takeaways Flipvolt, Vauld's legal entity in India, has had 3.7 billion Indian rupees ($46 million) of its assets frozen. Indian authorities say that the company helped a client launder criminal proceeds. 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Key Takeaways Flipvolt, Vauld's legal entity in India, has had 3.7 billion Indian rupees ($46 million) of its assets frozen. Indian authorities say that the company helped a client launder criminal proceeds. It is unclear whether this news is related to Vauld's insolvency and its","copyrightYear":"2022","copyrightHolder":"@id":"https://www.zitobox.com/blog/#organization","name":"Authorities Accuse Vauldu2019s Indian Entity of Aiding in Money Laundering - November 2022","@id":"https://www.zitobox.com/blog/industry-news/authorities-accuse-vaulds-indian-entity-of-aiding-in-money-laundering/#richSnippet","isPartOf":"@id":"https://www.zitobox.com/blog/industry-news/authorities-accuse-vaulds-indian-entity-of-aiding-in-money-laundering/#webpage","image":"@id":"https://www.zitobox.com/blog/wp-content/webpc-passthru.php?src=https://static.cryptobriefing.com/wp-content/uploads/2021/11/24155805/indiaflag-838x440.png&nocache=1","inLanguage":"en-US","mainEntityOfPage":"@id":"https://www.zitobox.com/blog/industry-news/authorities-accuse-vaulds-indian-entity-of-aiding-in-money-laundering/#webpage"]</script> <!-- /Rank Math WordPress SEO plugin --><link rel='dns-prefetch' href='//www.zitobox.com' /><link rel='dns-prefetch' href='//www.googletagmanager.com' /><link href='https://fonts.gstatic.com' crossorigin rel='preconnect' /><link href='https://fonts.googleapis.com' rel='preconnect' /><link href='https://www.google-analytics.com' rel='preconnect' /><link href='https://ajax.googleapis.com' rel='preconnect' /><link href='https://connect.facebook.net' rel='preconnect' /><link href='https://www.googletagmanager.com' rel='preconnect' /><link href='https://maps.google.com' rel='preconnect' /><link rel="alternate" type="application/rss+xml" title="User's blog » Feed" href="https://www.zitobox.com/blog/feed/" /><link rel="alternate" type="application/rss+xml" title="User's blog » Comments Feed" href="https://www.zitobox.com/blog/comments/feed/" /><link rel="alternate" type="application/rss+xml" title="User's blog » Stories Feed" href="https://www.zitobox.com/blog/web-stories/feed/"><link rel='stylesheet' id='dashicons-css' href='https://www.zitobox.com/blog/wp-includes/css/dashicons.min.css' media='all' /><link rel='stylesheet' id='elementor-post-7-css' href='https://www.zitobox.com/blog/wp-content/cache/autoptimize/css/autoptimize_single_7340c20e694251510c3d99c549d4e223.css' media='all' /><link rel='stylesheet' id='elementor-global-css' href='https://www.zitobox.com/blog/wp-content/cache/autoptimize/css/autoptimize_single_2ac37b780213822309ef4d3e6355b6c6.css' media='all' /><link rel='stylesheet' id='elementor-post-8-css' href='https://www.zitobox.com/blog/wp-content/cache/autoptimize/css/autoptimize_single_f7b997d18823243e7ed389e360cabb71.css' media='all' /><link rel='stylesheet' id='elementor-post-11-css' href='https://www.zitobox.com/blog/wp-content/cache/autoptimize/css/autoptimize_single_f30efc3cf4f6c42f5494629c85142a16.css' media='all' /><link rel='stylesheet' id='elementor-post-17-css' href='https://www.zitobox.com/blog/wp-content/cache/autoptimize/css/autoptimize_single_d1c9ec389bd30dc441f55f3a7db633e6.css' media='all' /> <script>/* <![CDATA[ */
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class="hfeed site" id="page"> Home Facebook-f Twitter Youtube Search Close The following posts are written by contributors and do not necessarily represent the views of ZitoBox. $4.5m Of These Rewards Have Already Been Paid $4.5m Already Paid Start With $10 Free - Coupon Code: TV PLAY NOW PLAY NOW PLAY NOW PLAY NOW The following posts are written by contributors and do not necessarily represent the views of ZitoBox. October 21, 2022 Authorities Accuse Vauld’s Indian Entity of Aiding in Money Laundering The government has frozen $46 million of the company’s assets. Key Takeaways Flipvolt, Vauld’s legal entity in India, has had 3.7 billion Indian rupees ($46 million) of its assets frozen. Indian authorities say that the company helped a client launder criminal proceeds. It is unclear whether this news is related to Vauld’s insolvency and its decision to freeze user withdrawals. Authorities in India have frozen $46 million in assets belonging to Vauld’s legal entity in the country. To see also : Racing Tips: Andrew Mount’s Spreadex Analysis – Monday, August 29th .
This may interest you : Bundesliga Weekend Preview: Tips, Predictions, Odds Round 5 of the Bundesliga fixtures kick-off on Friday and here’s your… Abetting Money Laundering Vauld has been accused of helping a client launder money. This may interest you : Hong Kong police arrest social media influencer accused of gambling illegally at online casino, promoting bookmaking .
Yellow Tune Technologies, a client of Vauld’s Indian entity Flipvolt, was recently searched by India’s Directorate of Enforcement. As a result of its findings, the government authority will freeze Flipvolt’s bank balances, payment gateway balances, and crypto balances. This policy applies to 3.7 billion Indian rupees ($47 million) of assets, according to a press release.
The Directorate of Enforcement says that Flipvolt was involved in money laundering, as 23 non-banking financial companies deposited the above assets into Flipvolt wallets held by a client known as Yellow Tune Technologies.
Indian authorities were unable to locate Yellow Tune Technologies’ operators. However, they found during their investigation that Yellow Tune is a shell company incorporated by two Chinese nationals known only as Alex and Kaldi.
The assets involved in Yellow Tune’s transactions were “nothing but proceeds of crime derived from predatory lending practices,” according to the Directorate of Enforcement.
The authority said that Yellow Tune was able to apply “very lax KYC norms” with the help of Flipvolt. It added that Flipvolt “made no sincere efforts” to trace the assets in question or provide a transaction trail. As such, it says Flipvolt “actively assisted” in money laundering by serving Yellow Tune.
Vauld’s website lists Flipvolt as its India-based legal entity alongside Defi Payments Pte Ltd, its Singapore-based legal entity.
Vauld is one of several cryptocurrency lending platforms that froze withdrawals this summer due to insolvency. Since then, the firm has sought bankruptcy protection. It has also begun to explore the possibility of an acquisition by Nexo.
It is unclear whether this week’s development is related to Vauld’s earlier insolvency. Vauld initially cited financial difficulties with partners as one reason for suspending user withdrawals but did not specifically mention Yellow Tune at that time.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.
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