FinTech news in Vauld category

Flipvolt Technologies, the India registered entity of Singapore-headquartered Vauld, was used to deposit 3.7 billion Indian rupees by 23 entities, including non-banking financial companies and fintech firms, into the wallets controlled by Yellow Tune Technologies, the Enforcement Directorate said Friday of its ongoing investigation. Vauld’s India entity failed to provide the agency with a complete trail of crypto transactions made by Yellow Tune and also could not supply KYC details of the wallets, ED said. The agency said it has frozen assets from Vauld’s India entity till it provides a complete fund trail. Vauld, which suspended its customers from withdrawing, trading and depositing on its eponymous platform last month, recently filed for bankruptcy and reportedly owes creditors $363 million, according to news outlet The Block, which cited legal documents it obtained.