Tech
How India and the US teamed up to uncover a Rs 3,000 crore scam involving cryptocurrencies
The Enforcement Directorate (ED) has collaborated with US authorities to conduct a search operation in Uttarakhand to uncover a Rs 3,000-crore scam involving digital currencies, reports say. The ED and the United States Federal Bureau of Investigation (FBI) also arrested a man suspected of involvement in an international drug trafficking ring.
Citing sources, an Economic Times report said the ED started its investigation in August 2023 and last week acted on a tip-off from US authorities on two Indian individuals allegedly involved in a drug trafficking operation.
On April 27, the ED arrested Parvinder Singh and Banmeet Singh from Haldwani, Uttarakhand, following raids conducted a day earlier.
How the group used the dark web to sell drugs
According to the report, the group allegedly used seller marketplaces on the dark web and freely available online ads to facilitate the sale of drugs. According to investigators, the organization created a network of distributors and distribution cells. The transactions reportedly involved cryptocurrency payments for drugs, followed by laundering those funds through cryptocurrency wallets.
The individuals reportedly used common aliases on various dark web marketplaces, including Silk Road 1, AlphaBay, and Hansa.
A separate report stated that the US FBI has already seized digital currency assets worth Rs 1,500 crore linked to this operation. Additionally, the ED recovered important documents in the case and shared them with the FBI.
The agency also carried out an operation at Parvinder’s residence in Haldwani to search the electronic devices used by him such as computers, tablets or smartphones to carry out the alleged crimes.