NEW DELHI: The Enforcement Directorate (ED) is investigating seven cases in which cryptocurrency was used for money laundering and has attached proceeds of crime worth Rs 135 crore, according to a written reply from Minister of State for Finance Pankaj Chaudhary to the Lok Sabha.
He went on to say that law enforcement organisations have previously alerted him to the use of cryptocurrency by cybercriminals.
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“Reports have been received from law enforcement agencies (LEAs) in relation with cryptocurrency usage by cyber criminals.” The Directorate of Enforcement (ED) is investigating seven cases under the Money Laundering Act of 2002 in which bitcoin was used to launder money. Cases probed by the ED under the PMLA reveal that the accused laundered Proceeds of Crime (PoC) using cryptocurrency,” Chaudhary told the Lok Sabha.
The Minister further stated that the cases probed by the ED under the Prevention of Money Laundering Act (PMLA) reveal that the accused in these cases laundered proceeds of crime (PoC) using cryptocurrencies.
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“Investigations done so far by the Enforcement Directorate have established that some foreign persons and their Indian connections have laundered the PoC through cryptocurrency accounts at some exchange platforms,” he said.
In one of these cases, Chaudhary noted, an accused was arrested by the ED in the year 2020 for enabling foreign-related accused companies to launder the PoC by changing money obtained from crime into cryptocurrency and then transferring it to foreign nations.
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