Ed investigates 7 cases of cryptocurrency use in money laundering, attaches Rs 135 Cr


The Law Enforcement Directorate is investigating seven cases in which cryptocurrency has been used for money laundering and has so far attached proceeds of crime worth Rs 135 crore, informed the Parliament on Monday.

Law enforcement has reported the use of cryptocurrency by cybercriminals and cases investigated by the ED under the Prevention of Money Laundering Act (PMLA) reveal that defendants laundered proceeds of crime (PoC) via virtual currency, Minister of State for Finance Pankaj Chaudhary said in a written response to the Lok Sabha.

“The Enforcement Directorate (ED) is investigating 07 cases under the PMLA, 2002 in which cryptocurrency was used for money laundering,” it said. So far, the ED has attached a PoC amounting to Rs 135 crore under the PMLA in such cases, the minister added. On whether the government has identified anyone involved in such activities in the country, Chaudhary said ED investigations so far have revealed that some foreign nationals and their Indian associates laundered the PoC through accounts. of cryptocurrency on some exchanges.

Read also :

In one of the cases, an accused was arrested by the ED in 2020 for helping the accused companies linked abroad to launder the PoC by converting the money generated by the crime into cryptocurrency and then transferred to foreign countries. A prosecution complaint has been filed in this case before the Special Court of the PMLA.

Previous The Invasion of Ukraine and the Great Geopolitical Reset
Next A Principled Politician, by John Stossel