The Decline and Fall of Vauld Lending Platform

All cryptocurrency exchanges are receiving ED summonses. Following wazirX, ED has now frozen Vauld Platform’s bank accounts, payment gateway accounts, and cryptocurrency accounts, totalling Rs 370 crore. One of the fastest growing lending platforms to file for bankruptcy in a year, the decline and fall of vauld lending platform. The funds that were blocked belong to Flipvolt Crypto-currency exchange, which operates Vauld. The ED had searched many Yellow Tune Technologies Private Limited locations in Bangalore.

Some Chinese NBFCs without licences lend money via various applications. Many of these loan applications were halted when the criminal investigation began. Profits were then transferred by being converted into cryptocurrency and sent to an international cryptocurrency wallet. You can read the detailed modus Operandi here.

Many of these fintech applications have shut......