Government Says Agencies Are Investigating Cases of Money Laundering Through Cryptocurrencies
The government says law enforcement agencies have received reports of cybercriminals using cryptocurrencies for money-laundering activities.
Minister of Finance Pankaj Chaudhary recently informed Lok Sabha that the Directorate General of Enforcement (ED) is investigating seven cases under the Prevention of Money Laundering Act 2002 (PMLA), in which cryptocurrencies were used. to launder money.
“The cases investigated by the ED under the Act, it was revealed that the defendant(s) laundered proceeds of crime (PoC) through cryptocurrency,” the Minister informed Lok Sabha while answering questions. asked about whether the government is aware of the use of cryptocurrencies for money by cybercriminals.
Chaudhary added that investigations carried out by the ED have revealed that some foreign nationals and their Indian associates laundered PoCs through crypto accounts at several exchange platforms. certain.
“In one such case, a defendant was arrested by the ED in 2020 for enabling foreign-related accused companies to launder PoC by converting the proceeds of crime into fiat money. electronically and then ship it abroad. A prosecution complaint has been filed in this case before the Special Court, PMLA. So far, the ED has attached the PoC in the amount of about Rs 135 crore under the PMLA in the cases mentioned above,” the minister added in the lower house.
