ED seizes 268 bitcoins worth Rs 138 crore from Haldwani resident
- In Reports
- 03:46 PM, May 04, 2024
- Myind Staff
ED recovered 268 bitcoins worth Rs 138 crore from a Haldwani resident last week during a raid conducted on his premises. The raid was initiated by US authorities investigating his alleged involvement in an international drug trafficking group.
Parvinder Singh was arrested by ED following the raid on his residence in Haldwani, Uttarakhand. The collaboration between ED and US authorities aimed to uncover Singh's role in the drug racket, as reported by ET.
After Singh's arrest, he was remanded to ED's custody. During interrogation, Singh revealed information leading to the recovery of 268 bitcoins worth Rs 138 crore, according to a senior official speaking on the condition of anonymity.
ED's investigation unveiled that Singh and his associates utilized vendor marketing sites on the dark web and a network of narcotics distributors to sell drugs in the USA, the UK, and other European countries.
The accused then laundered the proceeds through cryptocurrency transactions. Sources familiar with the matter informed ET that Singh and his associates received bitcoins, which were the proceeds of crime used for illegal drug sales in various countries. The US authorities have reportedly seized bitcoins valued at thousands of crores of rupees as part of the ongoing investigation.
According to sources familiar with the matter, US authorities have been investigating Parvinder Singh and Banmeet Singh, both residents of Haldwani, for their alleged involvement in operating an international drug trafficking group known as "The Singh Organisation."
ET previously reported on April 27 that the group utilized vendor marketing sites on the dark web and free advertisements on the clear web to facilitate drug sales. Additionally, they established a network of narcotics distributors and distribution cells. Transactions primarily involved receiving payment in cryptocurrency, which was then laundered through cryptocurrency wallets.
The US investigation revealed that both Banmeet and Parvinder used common monikers on various dark web markets such as 'SILK ROAD 1,' AlphaBay, and Hansa.
Through tracing withdrawals from dark web markets and examining email correspondences with customers, the US probe found that the organisation received approximately 8,488 bitcoins using these monikers.
Image source: Economic Times
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