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Crypto Crime Cases Under Probe; $18M Loss in India -Breaking

by Mike Robinson

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India: $18M loss due to crypto crime
  • India reports cases of crypto-related money laundering.
  • Seven cases of laundering were disclosed by the Minister of State at Finance to the public.
  • The ED investigates related cases in accordance with PMLA 2002.

As seven cases of money laundering using crypto-based technology have been brought to light in recent weeks, the crypto industry in India faces serious threats. Pankaj Chaudhary (Union Minister of State for Finance) informed members in the Lower House of Indian Parliament of the seriousness of cybercrimes.

The Directorate of Enforcement stated that the proceeds of the crime were Rs 135 crore, which is $18 million. This was in response to the PMLA investigation.

Chaudhary noted that the investigation was confirmed by reports from LEAs (law enforcement agencies) regarding the laundering.

Directorate of Enforcement (ED), is looking into 7 PMLA 2002 cases where cryptocurrency has been used as a means of money laundering. The ED has investigated seven cases under PMLA 2002 that revealed the accused used cryptocurrency to launder Proceeds of Crime (PoC).

He said, “Moreover,” that investigations done by ED to date have shown that foreign nationals as well as their Indian accomplices used crypto accounts at various exchange platforms to launder the PoC.

One accused criminal was arrested by the bank in 2020 for a related case of crypto-money laundering. Notably in the 2021 year, more Indian crypto users visited scam websites than 9.6million times.

Chainalysis has reported that global crypto-based criminalities were very high for 2021. The DeFi platform lost $162million worth of crypto in 2020. DeFi protocols are also being used by cybercriminals for laundering illicit funds.

The Indian crypto industry has also been the subject of heated discussions. Following frequent bans on crypto and regulation, the Union Finance Minister implemented a 30% tax in the 2022 budget.

Recent statements by the Reserve Bank of India expressed serious reservations regarding crypto use and proposed a regulation framework to allow crypto payments. The RBI also has concerns about crypto usage, believing it can pose a risk to India’s financial stability.

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