Joint US/India operation busts $360 million crypto-funded drugs ring

A collaboration amongst legislation enforcement in India and the US has led to the invention of a cryptocurrency drug ring value $360 million.

The US’ Federal Bureau of Investigation and India’s Enforcement Directorate (ED) teamed up for a search operation in India’s Uttarakhand state again in August 2023. India’s Enforcement Directorate made the arrests after a tip-off from the FBI.

Two suspects flagged by the US authorities had been already recognized to be concerned in drug trafficking, with hyperlinks to a serious worldwide drug trafficking operation. The April 27 raid recovered digital foreign money value greater than $300 million.

The function of crypto within the Indian drug ring rip-off

Two males, Parvinder Singh and Banmeet Singh from Haldwani, Uttarakhand are stated to have used frequent usernames on darkish net marketplaces similar to Silk Highway 1, AlphaBay, and Hansa.

These concerned within the illicit drug gross sales are stated to have utilized freely obtainable on-line adverts and darkish net vendor marketplaces to develop their operation. This led to an organized system of distributors and gross sales channels, the place cryptocurrency was used to pay for the medication in addition to launder the proceeds.

India is an rising cryptocurrency market the place authorities regulation continues to be taking part in catch-up. The investigation in Uttarakhand is just one of many examples of crypto-focused organized crime that’s prevalent throughout the huge Asian nation.

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