Cryptocurrency Use for Money Laundering Being Probed in 7 Cases, Rs. 135 Crore Attached: Minister to Lok Sabha

The Enforcement Directorate is investigating seven instances in which cryptocurrency has been used for cash laundering and has to this point hooked up proceeds of crime price Rs 135 crore, Parliament was knowledgeable on Monday.

Legislation enforcement companies have flagged utilization of cryptocurrency by cybercriminals and instances investigated by the (*7*) underneath the Prevention of Money Laundering Act (PMLA) reveals that the accused have laundered proceeds of crime (PoC) by means of the digital foreign money, Minister of State for Finance Pankaj Chaudhary mentioned in a written reply to the Lok Sabha.

“Directorate of Enforcement (ED) is investigating 07 instances underneath PMLA, 2002, in which cryptocurrency has been used for Money Laundering,” he mentioned.

To this point, the ED has hooked up PoC amounting to Rs 135 crore underneath the PMLA in these instances, the minister added.

To a question on whether or not the federal government has recognized folks concerned in such actions in the nation, Chaudhary mentioned investigations carried out by the ED to this point, revealed that some overseas nationals and their Indian associates have laundered the PoC by means of cryptocurrency accounts at sure alternate platforms.

In one of many instances, an accused has been arrested by the ED in 2020 for facilitating the foreign-related accused firms to launder the PoC by changing cash generated out of crime into cryptocurrency and thereafter switch to overseas nations. A prosecution criticism has been filed in this case earlier than the PMLA Particular Court docket.

Cryptocurrency is an unregulated digital foreign money, not a authorized tender and topic to market dangers. The data offered in the article will not be supposed to be and doesn’t represent monetary recommendation, buying and selling recommendation or some other recommendation or suggestion of any kind supplied or endorsed by NDTV. NDTV shall not be accountable for any loss arising from any funding based mostly on any perceived suggestion, forecast or some other info contained in the article. 

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