Select Page

Crypto Money Laundering Racket Involving Pakistan busted in India

Crypto Money Laundering Racket Involving Pakistan busted in India
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

A Chartered Accountant from Gurugram in India, a company secretary and two businessmen were arrested by Madhya Pradesh Police’s cyber crime cell on Tuesday evening. The accused had carried out transactions worth Rs 50 crores (~$6.6 Million) in relation to a racket that involved sending money to Pakistan through cryptocurrency.

Yogesh Chaudhary,additional director general of police (ADGP,) said that Vijay Chhutlani from Mumbai, Vijay Hariyani from Rajkot and an unidentified Chinese national are also involved in the gang are yet to be found.

Cyber Cell Complaint

This matter came to light when investigation into an online fraud worth Rs 1 crore involving a Bhopal businessman was underway. Allegedly, the businessman had lodged a complaint stating that on the behest of a woman he was dating ,he invested in a company dealing in spices through four different bank accounts.

Apparently, he had met the woman through an online dating site in February 2021.

“The accused used to create fake companies in the name of Indians and deposit the money they got through frauds in current accounts of these fake or shell companies. They would later transfer the money to Pakistan through international crypto exchange after converting it into crypto currency,” Chaudhary told PTI.

So far, the police have been able to take hold of ” 60 digital signatures of directors of shell companies, three laptops, four pen drivers, a mobile phone, crypto trading statements, documents related to fake firms, Aadhaar and PAN cards of different people, four cheque books, a debit card and other documents,” added the official.

COVID-19 impact on terror financing using cryptocurrency

The change in the way financial transactions are conducted in the wake of the pandemic has increased the digital assets market in the form of cryptocurrencies. Despite the economic crisis across the globe, the crypto world has witnessed an increase in overall market cap. This trend has had its pros and cons with criminals using the digital currency space for activities like terror financing and money laundering.

“Unlawful activities and terror financing may have shot up significantly as countries continue to battle Covid 19.Pattern and sources of financing have undergone a massive shift due to pandemic related stress.This has made it very difficult for authorities to track the quantum or the source of inflow of money,” BK Singh, Retired Joint Commissioner Crime, Delhi Police told India Narrative.

Singh further added that since the blockchain is not regulated, a surge in the value of bitcoins should be studied from the perspective of whether they are being used for illegal activities or not.

In fact, an FATF report from May last year has hinted at the use of the unregulated financial sector providing ‘additional opportunities for criminals to launder illicit funds.’

  • Current state of Indian crypto space

After the Supreme Court lifted the Reserve Bank of India’s 2018 ban on supporting crypto transactions in the country, investments in the network saw a boost. Reportedly, the market in the Indian portfolio investment in cryptocurrency grew from $ 200 million to $ 40 billion in the last year.

The post Crypto Money Laundering Racket Involving Pakistan busted in India appeared first on Coingape.


Source: Coingape


All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now

Don't forget to share your review/suggestions for android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own here


Select Sub Category


All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber

Recent Comments