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The Enforcement Directorate (ED) announced that it had frozen assets valued at INR 370 Cr that belonged to a Bengaluru-based company that were held by Flipvolt Technologies, the Indian arm of troubled cryptocurrency platform Vauld.
Bank and payment gateway balances as well as crypto assets were parked in Flipvolt as assets. Between August 8 and August 10, the agency conducted raids at several locations owned by Bengaluru-based Yellow Tune Technologies as part of its investigation into the organisations engaging in fraud through rapid loan apps. The matter is currently the subject of more investigation.
