According to local sources, the Enforcement Directorate (ED) collaborated with the Federal Bureau of Investigation (FBI) to apprehend two individuals implicated in the operation. Although the investigation commenced in 2023, the arrests occurred recently, prompted by a tip-off from the FBI to the ED.
The suspects, identified as Parvinder Singh and Banmeet Singh from Haldwani, Uttarakhand, were detained on April 27 following raids conducted by local authorities.
The accused purportedly orchestrated their activities through dark web marketplaces such as Silk Road 1, AlphaBay, and Hansa, in addition to utilizing online advertisements to promote the illegal sale of drugs.
They reportedly established a network of distributors and distribution cells, facilitating transactions using various cryptocurrencies. Subsequently, the funds were laundered through multiple cryptocurrency wallets as part of their operation.
The FBI has reportedly seized INR 1500 crore (approximately $180 million) worth of digital currencies associated with the case. Additionally, the Enforcement Directorate (ED) has confiscated vital documents pertaining to the operation.
In April, the Enforcement Directorate (ED) revealed another illicit operation involving cryptocurrencies. According to an April 19 report, the ED investigated Raj Kundra, a notable businessman and spouse of Bollywood actress Shilpa Shetty, for his purported participation in an $800 million Ponzi scheme. The scheme, known as ‘Gain Bitcoin,’ commenced in 2017, enticing investors with promises of a monthly return of 10%, payable in Bitcoin.
These scams are indicative of the increasing cases of illicit crypto use in the country. In March 2024, the Enforcement Directorate (ED) filed charge sheets against 299 entities under India’s anti-money laundering laws. These charges were in response to fraud involving fake crypto-mining ventures.
To mitigate such risks, regulators in India have issued compliance notices to several cryptocurrency exchanges operating in the country, aligning with the Prevention of Money Laundering Act (PMLA).
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