Authorities has mentioned businesses are probing instances of cash laundering via cryptocurrency
Authorities has mentioned that legislation enforcement businesses have obtained studies of cyber criminals utilizing cryptocurrency for cash laundering actions.
Minister of state for finance Pankaj Chaudhary just lately knowledgeable Lok Sabha that the Directorate of Enforcement (ED) is investigating seven instances underneath the Prevention of Cash Laundering Act 2002 (PMLA), by which cryptocurrency has been used for cash laundering.
“Circumstances investigated by ED underneath the Act, reveal that (the) accused have laundered Proceeds of Crime (PoC) via cryptocurrency,” the minister knowledgeable Lok Sabha whereas replying to a query on whether or not the federal government is conscious of the usage of cryptocurrency for cash laundering by cyber criminals.
Mr Chaudhary additional mentioned that investigations carried out by ED have revealed that some international nationals and their Indian associates have laundered PoC via cryptocurrency accounts at sure alternate platforms.
“In a single such case, an accused has been arrested by ED in 2020 for facilitating international associated accused firms to launder the PoC by changing cash generated out of crime into cryptocurrency and thereafter transferring it to international international locations. Prosecution criticism has been filed on this case earlier than the Particular Courtroom, PMLA. Thus far, ED has connected PoC amounting to round Rs 135 crore underneath PMLA within the above talked about instances,” the minister additional mentioned within the decrease home.
Discover more from News Journals
Subscribe to get the latest posts sent to your email.
