Breaking News: Indian Authorities Bust Major Crypto and Hawala Ring, Detain Key Figure
India’s Directorate of Enforcement (ED) has arrested Manideep Mago under the Prevention of Money Laundering Act (PMLA), 2002, in an illegal foreign remittances case involving cryptocurrency.
The investigation revealed that a Delhi-based company sold cryptocurrencies worth over Rs. 1858 crore ($223 million) on crypto exchanges and made foreign remittances exceeding Rs. 3500 crore. The international Hawala syndicate involved sent funds to Canada and Hong Kong using bogus invoices, investing heavily in illegal crypto mining and arbitrage trading.
Evidence implicated chartered accountants and bank officials in creating fake invoices and forging entries in a tally database using 70,000 random names to conceal the source of the crypto. The ED has secured five days of custody for further interrogation of Mago, with the investigation ongoing.
Clever Robot News Desk 21st June 2024
