Zanmai Labs

Massive Crypto Scam Looting Indians

Zanmai Labs private limited is a dangerous scam targeting Indian cryptocurrency users. This company owns India’s largest crypto exchange, WazirX. 

WazirX claims to have 20 million users. However, its parent organization, Zanmai Labs only has a paid-up capital of INR 1 lakh

Zanmai Labs private limited founder is Nischal Shetty. He runs this firm with co-founder Sameer Mhatre. Similarly, Zanmai Labs private limited WazirX address is 802, Siddhi Heights, Sector 28, Plot 73 Near Balaji Temple, Nerul West Navi Mumbai Thane MH IN 400706.

Zanmai Labs recently came into the limelight because of the Enforcement Directorate. Also, its subsidiary, WazirX made headlines when its servers crashed for the third time this year

The company has been attracting attention for the wrong reasons. The following points will give a detailed overview of the recent instances happening with Zanmai Labs. 

ED Issued a Show Cause Notice to Zanmai Labs Subsidiary WazirX

ED had issued a Show Cause notice to WazirX, the subsidiary of Zanmai Labs. The notice is regarding illegal transactions worth INR 2,790 crore. ED says that many transactions on WazirX violate the Foreign Exchange Management Act, FEMA in short.

Furthermore, ED says that Chinese nationals laundered illegal funds worth INR 57 crore. They did so by converting INR deposits into cryptocurrency tether. Afterward, they transferred the same into Binance according to the instructions they received from abroad.

At first, WazirX said it didn’t receive the notice.

Later, the Indian crypto exchange said that it hadn’t flout any laws. 

ED alleges that WazirX didn’t collect the necessary documents related to said transactions. This is a violation of the mandatory CFT (Combating Financing of Terrorism) and AML (Anti-Money Laundering) guidelines. 

The enforcement agency found that users on Zanmai Labs’ subsidiary can transfer cryptocurrencies to anyone without the necessary documentation. Facilitating money laundering is no small issue. 

It means Zanmai Labs is providing a haven for illicit activities. ED has been taking stringent action recently against illegal activities. It attached assets worth INR 165 crores to an illegal coal mining case of West Bengal. 

Such action on Zanmai Labs shows the firm could be facing more legal trouble in near future. 

Zanmai Labs Subsidiary Faces Technical Issues Third Time Since April

WazirX, the primary organization under Zanmai Labs, received tons of complaints when its servers crashed twice in May.

Bitcoin’s price had fallen sharply because Elon Musk made a negative remark about the cryptocurrency. This caused many people to start buying or selling assets and seize the opportunity. 

According to WazirX, the crash happened because of the sudden surge in users. However, it revealed the flaws in the exchange’s technical capabilities.

Many clients complained that they couldn’t access their account and place orders. The WazirX crash caused many people to miss out on lucrative investment opportunities. 

Apart from that instance, WazirX’s servers had crashed when Dogecoin became popular. People couldn’t capitalize on that opportunity because of WazirX’s poor technical abilities at that time as well.

This was the second time the Zanmai Labs subsidiary failed technically. And it was the third time since April that their servers crashed.

On top of that, WazirX is facing banking issues as several banking institutes have severed ties with the firm. 

Summary

Zanmai Labs is struggling on multiple fronts. The company’s intent regarding its customers is in question as the firm has numerous negative reviews. Moreover, the company can’t deal with vendors properly, resulting in degradation of service for its clients. 

Zanmai Labs needs to get its act together. People must stay wary of such organizations. The company stays in the backend of a large crypto exchange that is turning into a scam. 

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