The Enforcement Directorate is investigating seven instances by which cryptocurrency has been used for cash laundering and has thus far connected proceeds of crime value Rs 135 crore, Parliament was knowledgeable on Monday.
Legislation enforcement businesses have flagged utilization of cryptocurrency by cybercriminals and instances investigated by the ED beneath the Prevention of Cash Laundering Act (PMLA) reveals that the accused have laundered proceeds of crime (PoC) via the digital forex, Minister of State for Finance Pankaj Chaudhary mentioned in a written reply to the Lok Sabha.
“Directorate of Enforcement (ED) is investigating 07 instances beneath PMLA, 2002, by which cryptocurrency has been used for Cash Laundering,” he mentioned.
To date, the ED has connected PoC amounting to Rs 135 crore beneath the PMLA in these instances, the minister added.
To a question on whether or not the federal government has recognized individuals concerned in such actions within the nation, Chaudhary mentioned investigations carried out by the ED thus far, revealed that some international nationals and their Indian associates have laundered the PoC via cryptocurrency accounts at sure alternate platforms.
In one of many instances, an accused has been arrested by the ED in 2020 for facilitating the foreign-related accused corporations to launder the PoC by changing cash generated out of crime into cryptocurrency and thereafter switch to international international locations. A prosecution grievance has been filed on this case earlier than the PMLA Particular Court docket.
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