Agencies Probing Cases Of Money Laundering Through Cryptocurrency: Minister

ndtv.com:

Government has said agencies are probing cases of money laundering through cryptocurrency

Government has said that law enforcement agencies have received reports of cyber criminals using cryptocurrency for money laundering activities.

Minister of state for finance Pankaj Chaudhary recently informed Lok Sabha that the Directorate of Enforcement (ED) is investigating seven cases under the Prevention of Money Laundering Act 2002 (PMLA), in which cryptocurrency has been used for money laundering.

“Cases investigated by ED under the Act, reveal that (the) accused have laundered Proceeds of Crime (PoC) through cryptocurrency,” the minister informed Lok Sabha while replying to a question on whether the government is aware of the use of cryptocurrency for money laundering by cyber criminals.

Mr Chaudhary further said that investigations conducted by ED have revealed that some foreign nationals and their Indian associates have laundered PoC through cryptocurrency accounts at certain exchange platforms.

“In one such case, an accused has been arrested by ED in 2020 for facilitating foreign related accused companies to launder the PoC by converting money generated out of crime into cryptocurrency and thereafter transferring it to foreign countries. Prosecution complaint has been filed in this case before the Special Court, PMLA. So far, ED has attached PoC amounting to around Rs 135 crore under PMLA in the above mentioned cases,” the minister further said in the lower house.