The Enforcement Directorate and US authorities carried out a search operation in Uttarakhand to detect a Rs 3,000 crore digital currency scam. Individuals were arrested by the DEA and the FBI on suspicion of narcotics trafficking.
A digital fraud along with cross-border crime
According to Moneycontrol, the agency apprehended Parvinder Singh in Haldwani, Uttarakhand. A special FBI team is also in India to investigate the case, according to the newspaper, citing sources. The agency also conducted an operation at Parvinder’s home in Haldwani to seek out electronic equipment used by him.
The ED commenced the investigation when the FBI looked into the scheme and uncovered a connection to India. The case’s operational operandi is converting illicit drug trafficking revenues into digital currency. And remitting them outside India, with the US FBI having already recovered digital currency assets worth INR 1,500 crore. This is an example of cross-border crime in which multinational agencies work together to dismantle a money laundering syndicate. Moreover, one accused is now on the run, according to the ED probe.
- Advertisement -
Working closely with cross-border authorities
To combat cross-border financial crime, the Center has worked closely with international law enforcement authorities. In certain cases, these agencies have observed criminal proceedings. The development came just days after the ED attached immovable and movable properties worth INR 97.79 crore belonging to Raj Kundra, entrepreneur and husband of actor Shilpa Shetty, in connection with the GainBitcoin scandal.
