India and US Team Up To Tackle $360M Crypto-Funded Drug Ring
Authorities from India and the US teamed up in a search operation in Uttarakhand to uncover a $360 million crypto-funded drug ring.
The Indian Enforcement Directorate (ED) and the Federal Bureau of Investigations (FBI) conducted a search operation in Uttarakhand. This investigation uncovered a Rs 30 billion ($360 million) cryptocurrency scam.
This marks the conclusion of a lengthy investigation that began in August 2023. The ED initiated the investigation, but the arrests were made following a tip from US authorities.
The tip cited two Indian individuals allegedly involved in a drug trafficking operation with ties to an international drug trafficking ring.
On April 27, the ED arrested Parvinder Singh and Banmeet Singh from Haldwani, Uttarakhand, following raids conducted a day earlier.
The FBI seized Rs 150 Billion in digital currency assets linked to the operation.
Crypto Scam! How FBI and ED teamed up to bust Rs 3,000 crore fraud – Detailshttps://t.co/Zc7a3oHmmu
— ET NOW (@ETNOWlive) April 29, 2024
The group allegedly used freely available online advertisements and dark web vendor marketplaces to facilitate drug sales, according to the report.
This acted as a channel for an organized system of distributors and distribution cells. Cryptocurrency was the heart of the operation, used to pay for drugs and launder earnings through crypto wallets.
Exploiting cryptocurrency allowed the organization to carry out its illegal activities without intervention. It gave them anonymity and freedom from the oversight of intermediaries present in traditional payment systems.
The individuals reportedly used the same aliases across multiple dark web marketplaces, including Silk Road 1, AlphaBay, and Hansa.
In addition, the FBI
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