Authorities has stated that legislation enforcement businesses have obtained experiences of cyber criminals utilizing cryptocurrency for cash laundering actions.
Minister of state for finance Pankaj Chaudhary lately knowledgeable Lok Sabha that the Directorate of Enforcement (ED) is investigating seven circumstances beneath the Prevention of Cash Laundering Act 2002 (PMLA), by which cryptocurrency has been used for cash laundering.
“Instances investigated by ED beneath the Act, reveal that (the) accused have laundered Proceeds of Crime (PoC) by way of cryptocurrency,” the minister knowledgeable Lok Sabha whereas replying to a query on whether or not the federal government is conscious of using cryptocurrency for cash laundering by cyber criminals.
Mr Chaudhary additional stated that investigations carried out by ED have revealed that some overseas nationals and their Indian associates have laundered PoC by way of cryptocurrency accounts at sure trade platforms.
“In a single such case, an accused has been arrested by ED in 2020 for facilitating overseas associated accused firms to launder the PoC by changing cash generated out of crime into cryptocurrency and thereafter transferring it to overseas nations. Prosecution grievance has been filed on this case earlier than the Particular Courtroom, PMLA. Thus far, ED has hooked up PoC amounting to round Rs 135 crore beneath PMLA within the above talked about circumstances,” the minister additional stated within the decrease home.