According to the Economic Times, an official said on condition of anonymity that a large part of the earnings raised through illegal businesses have been invested in buying cryptocurrencies and real estate. The money is sent to the wallet through hawala transactions. Those wallets are then used to buy real estate. According to the official, the United Arab Emirates (UAE) is one of the favorite places in this matter. Dawood Ibrahim’s criminal syndicate also known as D-Company has a strong network of hawala to remit money in UAE.
Earlier this week, the ED registered a case against Ibrahim and his close associates under the Prevention of Money Laundering Act and conducted raids across Mumbai, including the Nagpada house of Dawood’s late sister Haseena Parkar, including two builders. The probe agency is questioning a close relative of Ibrahim’s trusted aide Chhota Shakeel. The official said that the investigation is still going on and several transactions are being traced. According to officials, computer networks with restricted access are mainly used for illegal file sharing. This makes investigation difficult.
Another official said that investigations in the cases of D-company, darknet and crypto are difficult. On the other hand, the darknet makes betting easier. Officials said illegal betting has emerged as a core business of D-Company during the COVID-19 pandemic.
According to officials, the darknet and crypto have allowed the betting business to flourish even in the crypto pandemic. It is a parallel economy of thousands of crores. Cryptocurrency is a new thing in this, which makes transactions easy. Significantly, the ED, Narcotics Control Bureau, Central Bureau of Investigation and police of several states have raised concerns over the misuse of cryptocurrencies in terrorism and narco-terrorism.
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