A collaboration amongst legislation enforcement in India and the United States has led to the invention of a cryptocurrency drug ring price $360 million.
The United States’ Federal Bureau of Investigation and India’s Enforcement Directorate (ED) teamed up for a search operation in India’s Uttarakhand state again in August 2023. India’s Enforcement Directorate made the arrests after a tip-off from the FBI.
Two suspects flagged by the US authorities had been already identified to be concerned in drug trafficking, with hyperlinks to a serious worldwide drug trafficking operation. The April 27 raid recovered digital forex price greater than $300 million.
The function of crypto within the Indian drug ring rip-off
Two males, Parvinder Singh and Banmeet Singh from Haldwani, Uttarakhand are stated to have used widespread usernames on darkish net marketplaces corresponding to Silk Road 1, AlphaBay, and Hansa.
Those concerned within the illicit drug gross sales are stated to have utilized freely out there on-line adverts and darkish net vendor marketplaces to develop their operation. This led to an organized system of distributors and gross sales channels, the place cryptocurrency was used to pay for the medication in addition to launder the proceeds.
India is an rising cryptocurrency market the place authorities regulation continues to be enjoying catch-up. The investigation in Uttarakhand is just one of many examples of crypto-focused organized crime that’s prevalent throughout the huge Asian nation.
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