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Chinese fintech app probe: ED freezes crypto assets worth Rs 370 crore linked to Bengaluru firm – Crypto News Wire

News Snapshot:

The Enforcement Directorate (ED) has frozen assets worth Rs 370 crore in bank balances, payment gateway balances and crypto balances of Flipvolt Crypto-currency exchange held by Bengaluru-based firm Yellow Tune Technologies Private Limited which was allegedly being used by Chinese fintech app firms to launder their India revenues. The ED reported the seizures Friday following searches carried out at the premises of Yellow Tune Technologies in Bengaluru. “Following criminal investigations of Chinese fintech apps operating in India, many of the app operators had laundered funds through cryptocurrency with Flipvolt Cryptocurrency before shutting shop in the country,” the ED said Friday….

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