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The ED Is Investigating Seven Cryptocurrency Incidents And Has Confiscated Assets Worth $135 Mln
2022-03-16 | Selina Mathew
According to the state's report to Parliament on Monday, the Enforcement Directorate is investigating 7 cryptocurrency-centered money laundering instances and has connected assets valued over Rs 135 crore. According to the report, many incidents have surfaced in which black money earned in India has been transported out from the nation following being converted into cryptocurrency.
"Inquests undertook by ED thus far have indicated that few foreign nationals, as well as their Indian accomplices, have washed criminal profits (PoC) through crypto accounts at few exchange platforms," junior minister of finance Pankaj Chaudhary stated in a written response in Lok Sabha.
According to him, in one similar instance, the ED detained an alleged in 2020 for assisting foreign-connected accused firms in laundering PoC by changing funds obtained from wrongdoing into cryptos and then transferring it outside.
"In this instance, a prosecution charge has indeed been lodged with the special PMLA court. Thus far, the ED has seized PoC in the aforementioned instances totaling Rs 135 crore underneath the PMLA "He stated.
