Nischal Shetty and Sameer Face Accusations in WazirX Review

This study of WazirX will go into greater detail on the dubious practices of this company. And you’ll find out exactly why you shouldn’t use the WazirX coin or platform:

India is participating in the worldwide rise in the cryptocurrency market. But some use these developments in the sector to trick others.

Recently, Indian police uncovered a perilous cryptocurrency scam known as WazirX.

WazirX is a digital currency trading platform situated in Mumbai. It boasts over 20 million members and positions itself as India’s largest cryptocurrency exchange. But they’re not as reliable as they seem at first glance.

Recent reports and testimonials about WazirX point to the company’s involvement in shady dealings. WazirX has been involved in everything from stealing consumers’ money to assisting drug trafficking.

Nischal Shetty and Sameer Mhatre, the Brains Behind the WazirX Crypto Scam

Nischal Shetty and Sameer Mhatre created WazirX. Since WazirX’s beginnings, they have worked together, and they are also co-founders of another successful firm called Crowdfire.

Numerous publications extol Nischal’s virtues as a hero on the internet.

He has been doing interviews with various media recently. Why? For the simple reason that he wishes to hide the most recent WazirX news about his company’s alleged criminal activity.

The overwhelming majority of the pieces that effusively praise him are the outcome of hired public relations. Online con artists frequently sponsor acclaim in blogs and periodicals.

It makes them appear more legitimate and can conceal any information exposing their scams. The well-known sports-betting con artist Mazi Picks employs the same tactic.

Nischal’s narcissism is contagious, and the employees feel it. Since this year, when WazirX poorly handled consumer concerns, the company’s support quality has been called into doubt.

In the world of Indian cryptocurrency, the “WazirX crash” stands out. Clients protested, but WazirX’s help desk didn’t pay much attention to their concerns.

The workers here are completely blameless. It all rests on the boss, who appears to be somewhat egocentric.

Sameer Mhatre is the Chief Operating Officer of WazirX. He manages the backend infrastructure for this cryptocurrency trading platform. Nischal and Sameer are responsible for India’s greatest cryptocurrency scam.

Nischal handles public relations for the firm, while Sameer plays a more low-key role.

They are both major players in the crypto space in India. WazirX may be facing many lawsuits and maybe jail time, according to recent reports:

Nischal’s WazirX Crashes, Which He Would Prefer You Forget

Without mentioning the infamous WazirX disaster, my evaluation of WazirX would be lacking. There have been three crashes of WazirX this year.

Many people have lost a lot of money and prospects as a result of these crashes.

WazirX claims to be India’s premier crypto exchange, however anytime anything of note occurs in the cryptocurrency market, the site’s servers crash.

The WazirX crash prevented users from accessing their accounts, trading bitcoins, or transferring payments.

When the price of Bitcoin began to drop in May, the servers of the Indian exchange failed. This occurred after Elon Musk announced he would no longer take Bitcoin as payment.

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Because of the sudden drop in value, many Bitcoin holders looked to trade in or cash out their holdings. However, as soon as this word spread, WazirX servers went down. As a result, no one was able to conduct business on their website.

”’WAZIRX WILL CRASH WHENEVER ANYTHING MEATY HAPPENS IN THE CRYPTO WORLD. In the last several months, this has occurred several times, and it may happen again.

Customers reacted with widespread outrage. The quality of WazirX’s customer service has been criticized by several users. Because the company wasn’t getting back to them.

Another cryptocurrency, Dogecoin, saw a similar bubble and subsequent bust.

Fans were eager to capture the moment, but they were prevented from doing so. Once again, WazirX had let them down.

WazirX has been experiencing frequent outages, and their timing suggests they may be intentionally disrupting consumers’ ability to trade. They may have an incentive to stop customers from taking advantage of price changes.

The ED’s Red Flags: China’s Illegal $2,791 Million Deals

In June of 2021, WazirX received a show cause notice from the Enforcement Directorate. In terms of enforcing economic law, ED is unrivaled in India.

The INR 2,791 crores (about $376 million) in question were the subject of the show cause notice. Foreign Exchange Management Act (FEMA) violations are suspected by ED.

Not only that.

The ED claims that WazirX has several shady dealings that haven’t been recorded. The blockchain does not include any information regarding the purchases. Because of this, the agency is unable to look into them.

ED is concerned that money launderers are using WazirX. In addition, they discovered that INR 880 crores were transferred to WazirX accounts from Binance. And they forwarded 1400 billion Indian Rupees in cryptocurrencies.

There is no paper trail for these deals. WazirX users can send cryptocurrency to one another without providing any personal information, according to the Indian government agency. This entails dealing with customers from many nations.

WazirX may have become a money-laundering platform without sufficient documentation. This is where numerous Chinese nationals laundered their money, according to ED.

ED claims that the steps involved in money laundering are as follows:

  • Tether, the cryptocurrency, was purchased with INR 57 crores.
  • Putting it in Binance users’ wallets

The money laundering procedure was finished once the funds were deposited into Binance wallets. Through this method, ED discovered INR 57 crore that had been laundered.

One of the most popular cryptocurrency exchanges, Binance is based out of the Cayman Islands.

Could one trust a money-laundering exchange for trading cryptocurrencies? I doubt it.

More Drug Trafficking Suspicion in WazirX News

WazirX is suspected of being involved in drug trafficking, which is another reason I decided to write this review.

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WazirX has been questioned by the Narcotics Control Bureau (NCB) about possible drug dealing transactions taking place on its site. A man named Makarand Pardeep Adivirkar was recently apprehended for allegedly buying drugs with Bitcoin.

WazirX was referenced by the alleged narcotics dealer. He said he made trades using the cryptocurrency exchange.

It follows ED’s show cause notice for INR 2,791 crores in unlawful transactions.

According to WazirX, the user does not exist there. It’s not very strong protection considering anyone may make many accounts for malicious purposes.

And why, out of all the cryptocurrency markets, would the suspect single out WazirX?

It suggests that the website has become a haven for unlawful dealings.

Trading cryptocurrency there is not secure. WazirX is a haven for criminals since it lacks adequate regulation and paperwork. WazirX could be risky if you aren’t looking to launder money or purchase illegal substances.

What WazirX Said Instead of Making the ED Statement and How They Tried to Cover It Up

After receiving a show cause notice from the ED and an inquiry from NCB, WazirX did not remain mute.

They said that they were done because they had not heard from the ED. In a case of suspected money laundering, why would a government agency lie?

They failed to.

WazirX is the one trying to pull customers’ attention away from the INR 2.791 crore scandal. Users were becoming anxious, so they started to allay their fears.

No respectable person voluntarily uses a service that facilitates money laundering.

To make it appear as though nothing had occurred, WazirX issued the following statement. They want people to believe there are no legal ramifications for what they are doing.

After all, if people were scared, they wouldn’t use the cryptocurrency market. Nischal despises the thought of it.

WazirX had previously been able to conceal his illicit behavior from Twitteratis, but eventually, they found out.

Twitter users in India were discussing #WazirXCaught that month. The crypto exchange was rumored to be involved in a wide variety of criminal activities.

The firm has been attempting to suppress the information ever since. They’ve been actively blogging to keep consumers from learning about their involvement in drug trafficking and financial fraud.

There is nothing but filler on their blog. But it does assist them suppress any news stories regarding WazirX that mention the company’s unlawful doings.

It’s not ethical, yet it seems to be effective.

Next in my WazirX review, I’ll go over what transpired on Twitter and when it happened:

Twitter trended with #WazirXCaught

The Enforcement Directorate tweeted the following on June 11:

They announced that they had issued a show cause notice to WazirX for breaking the FEMA act.

Shortly after this, the hashtag #WazirXCaught began trending on Twitter.

Rahul Ranghar, whose tweet “Our Money is not safe on Wazirx” sparked the movement, said:

Soon after, numerous other tweets included the hashtag, propelling it to the top of India’s Twitter trends.

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As soon as the hashtag #WazirXCaught began to gain traction, however, several accounts began to defend and even celebrate the interaction. These users said the hashtag was an effort at slander.

This raises the question, is it defamatory to publish a legal notice from a law firm? Is it defamation to say that a certain corporation helped launder $376 million?

Not at all.

The fact that the person who initiated the fad later recanted his remark raises eyebrows.

That never happens. What caused such a sudden and unusual shift in their position?

The explanation may be quite risky. Many businesses have begun punishing employees who expose their wrongdoing.

A defamation lawsuit or a simple warning could be the shape the threat takes.

Keep in mind that corporations have huge pockets to hire top-notch lawyers. Nobody would want to go to court against those armies. It’s a big reason why sites like Reddit and others are becoming so popular.

Users can provide feedback and opinions without worrying about repercussions.

Fans of WazirX and the WazirX Marketing Team:

The company’s marketing department went into overdrive when the hashtag #WazirXCaught began trending, tweeting positive messages about the business.

Important tweets have mysteriously disappeared from the site. The events surrounding WhiteHat Jr. are strikingly similar to this one. Such occurrences are also contributing to Twitter’s rising profile.

Some users’ tweets about their experiences with WazirX are below.

WazirX has just posted its rebuttal to NCB’s investigation into their alleged role in narcotics deals.

I already explained that they claimed the user did not exist on their service. They also claimed to have a rigorous system for monitoring AML and KYC compliance, two areas where they claim to be industry leaders.

Instead of denying that drug transactions do place, they just claimed to adhere to KYC standards. Not the right thing to say in this situation.

To disprove such claims, WazirX’s social media team created bogus Twitter profiles. The corporation also has a firm grasp of the art of persuasion.

If this firm was engaged in drug dealing and money laundering, why were some people protecting it? The following section of my WazirX review elaborates on why this is the case:

How WazirX’s Referral Program Encourages Extremely One-Sided “Reviews” and “Fan Boys”

There’s a lot to like about the “WazirX refer and earn” program. Infinite earning potential and a 50% commission on every trade are yours with a WazirX referral code.

Users are incentivized to spread the word about them thanks to their referral program. People that get paid to promote a product probably don’t want it to have a negative reputation.

The referral scheme on this cryptocurrency exchange has many customers vehemently defending it.

It’s standard practice for criminal groups.

QNET has a strong referral system in addition to being a well-known MLM fraud. It guarantees high returns with little exertion on your part.

QNET, like WazirX, has an army of supporters.

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WazirX’s referral program pays out fifty percent of the service fees paid by referred users. This indicates that the platform’s prices are too high. How else could it possibly balance its books with only half of the fees?

The technical limitations of the referral system counteract the system’s tempting offers.

Possibly you won’t make any money from your friend using your WazirX referral code if…

  • A mutual friend of yours has joined WazirX using the mobile app (Android/iOS).
  • They disregarded the QR code.
  • Not all of their identification documents were verified

When you factor in a marketing department and some sponsored content, it’s easy to see why this business appears to have a spotless reputation.

Problems with making withdrawals on WazirX mean that users can’t access their money.

It’s not just that this business has been linked to a wide range of illegal activities; it also appears to have little regard for its clientele.

There have been numerous reports of consumers being unable to get their money out of their WazirX accounts.

One customer said they have funds in their WazirX account, but when they want to withdraw them, the platform tells them they have zero.

Unethical behavior on their part. It’s not surprising, though, coming from a firm that’s been charged with drug dealing.

Not only that. The WazirX withdrawal system has received a lot of criticism from users. This company doesn’t allow customers to request refunds.

Disturbing Fact About WazirX That Creator Nischal Doesn’t Want You To Know 2021!

Numerous negative reviews about WazirX may be found on the web. They have all reported issues with withdrawing funds from the platform.

There are too many issues with WazirX to list here. This article already is too long without adding that.

But I can reveal a few of them to you.

If you read even one of these evaluations, you’ll see why you shouldn’t work with this firm.

WazirX seems to have dissatisfied customers based on the sheer volume of user complaints. Most of the Twitter users making defenses of this company weren’t even its customers.

You wouldn’t see them defending the company like they did if that were the case.


My analysis of WazirX is now complete. This company is extremely risky because it engages in all the unlawful activities possible for a cryptocurrency exchange.

They don’t let people get their money out, they try to silence dissenting voices, and they enable money laundering. This data points to WazirX being an unethical business.

Don’t trust this business. It might be dangerous.

Get the word out in India about WazirX! Share the facts about this risky scam with other crypto enthusiasts. The more individuals are aware of the world around them, the better.

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