A collaboration amongst regulation enforcement in India and the US has led to the invention of a cryptocurrency drug ring price $360 million.
America’ 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 have been already recognized to be concerned in drug trafficking, with hyperlinks to a significant 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 mentioned to have used widespread usernames on darkish net marketplaces akin to Silk Street 1, AlphaBay, and Hansa.
These concerned within the illicit drug gross sales are mentioned to have utilized freely accessible on-line advertisements 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 medicine in addition to launder the proceeds.
India is an rising cryptocurrency market the place authorities regulation remains 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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