The enforcement directorate (ED) has exposed a digital currency scam totalling INR 3,000 Cr based on a joint international operation with inputs from the Federal Bureau of Investigation (FBI).
As per Moneycontrol’s report, the agency arrested Parvinder Singh from Uttarakhand’s Haldwani today (April 27) following raids.
A special team of the FBI is also in India regarding the case, the report said, citing sources.
The ED initiated the investigation after the FBI launched a probe into the operation and discovered a link to India.
The modus operandi of the case involves converting illicit proceeds from the drug trade into digital currency and remitting them outside India, with the US FBI having already seized digital currency assets worth INR 1,500 Cr, the report added.
This is a case of cross-border crime where international agencies are collaborating to dismantle a money laundering syndicate. During the recent raids, the ED recovered important documents related to the case, which are being shared with the FBI. Besides, one accused is currently on the run according to the ED investigation.
This case assumes significance as global wrongdoers have started using digital currencies and cross-border laundering of money to stay out of the radar of investigative agencies.
The Centre has been actively collaborating with global enforcement agencies to combat cross-border financial crime.
According to the report, Indian enforcement agencies are working closely with international counterparts on cases involving money laundering, round-tripping, and tax evasion.
In some instances, these agencies have observed proceeds of crime being converted into cryptocurrencies and moved across various geographies.
The development comes days after the ED attached immovable and movable properties valued at INR 97.79 Cr, belonging to Raj Kundra, businessman and husband of actor Shilpa Shetty, in connection with the GainBitcoin scam.
