Add as a preferred source on GoogleIndia Arrests Two in Alleged Crypto Laundering Case Over Rs. 400 Crore
The Directorate of Enforcement linked the network to more than 600 cybercrime complaints and said debit and credit activity across 31 accounts controlled by Fiaz exceeded Rs. 300 crore.
India's Directorate of Enforcement (ED) arrested Roshan Fiaz and Ammar on Oct. 30 as it investigated an alleged network tied to more than Rs. 400 crore in online fraud proceeds. The agency announced the arrests on Nov. 5.
The ED linked the network to more than 600 cybercrime complaints. It also linked 10 additional first information reports (FIRs) to the network in Telangana, Karnataka and West Bengal.
The agency described victims being approached through investment schemes, job offers and share-market investment pitches. Funds passed through multiple bank accounts before being converted into Tether (USDT) through crypto wallets, the ED said.
The investigation found 31 bank accounts controlled by Fiaz, with debit and credit transactions exceeding Rs. 300 crore. That figure describes account transactions; the ED put the alleged proceeds from the network above Rs. 400 crore.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.