ED’s probe into the cases under the Prevention of Money Laundering Act (PMLA) revealed that the accused siphoned off crime proceeds through virtual currency. Choudhary said the ED is probing seven cases in which cryptocurrency has been used for money laundering. To a question on the government’s identity of those involved in such activities, Choudhary said that the ED investigation has revealed that some foreign nationals and their Indian associates remitted the crime proceeds abroad through cryptocurrency accounts in exchanges. Was.
In one of these cases, the ED had arrested an accused two years ago. This person had transferred the money received from the crime to the accused foreign firms by converting it into cryptocurrency and transferring it abroad. A complaint has been filed by the prosecution in this regard in the PMLA Special Court.
Cases of fraud involving cryptocurrency are also on the rise. Recently, a cryptocurrency fraud case worth Rs 40 crore came to light in Nagpur, Maharashtra. In this, more than two thousand investors have been targeted. Its main accused was attracting people to invest in a firm. He used to woo investors by showing his lifestyle. The accused claimed that he was dealing in ‘Ether’. The US Justice Department has also caught a big case of fraud through cryptocurrency. In this, a New York couple is accused of laundering more than $ 4.5 billion (about Rs 33,750 crore) of bitcoins. These bitcoins were stolen by hacking the digital currency exchange Bitfinex about six years ago. Regulators under President Joe Biden have increased scrutiny of the cryptocurrency industry following a cyber attack on America’s largest fuel pipeline network last year.
(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)<!–
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