India arrests suspect over $1.1M crypto laundering scheme

Indian authorities have apprehended a man for laundering more than $1 million (Rs. 10 crore) in digital assets to a Pakistan-based digital asset ￰0￱ suspect, Chetan Gangani, was arrested by operatives for his involvement in a cybercrime operation that funneled funds to the digital ￰1￱ to authorities, the arrest is part of an ongoing effort to crack down on mule bank ￰2￱ use mule bank accounts to move criminal proceeds, using multiple accounts in most cases, so they can obfuscate the origin and destination of the ￰3￱ most cases, these usually happen before the funds are moved out of the country through digital wallets or by any other means. However, in this case, the suspect tried to move the funds out of the country using a digital ￰4￱ police arrest a suspect for money laundering According to the Indian police, the suspect was affiliated with six other arrested ￰5￱ his arrest was recent, the others had been apprehended on November 3 as part of a string operation by authorities in the ￰6￱ operation spanned locations like Morbi, Surendranagar, Surat, and Amreli ￰7￱ group was accused of allegedly routing Rs. 200 crore to criminals based in Dubai using more than 100 mule ￰8￱ police claimed that the Indian national allegedly helped the gang members convert ￰9￱ into different digital assets or USDT and then sent it to the digital wallet based in ￰10￱ used his BitGet crypto wallet to send the money, using the application to send funds for over four ￰11￱ claimed that the Pakistan-based wallet receiving the funds had a balance of Rs. 29 crore, of which Rs. 10 crore was from ￰12￱ police mentioned that the criminals gave him a commission of 0.10% on every USDT he sent to the ￰13￱ alleged that the other persons held in connection with the crime also provided more than 100 mule accounts to the cybercriminals, limiting their operations to ￰14￱ claimed that the accounts were used in 386 cases, including digital arrests, task frauds, investment frauds, loan frauds, and part-time job ￰15￱ dismantle fraud network Speaking about the arrest, Harsh Sanghavi, deputy chief minister of Gujarat, mentioned that the CID crime division had cracked down on a major cross-border cybercrime network.

“In a major breakthrough, the Gujarat Cyber Crime Center of Excellence has dismantled a large-scale ‘Mule Account’ network operating across multiple districts, including Morbi, Surendranagar, Surat, and Savarkundla, with direct financial links traced to Pakistan,” he said in his ￰16￱ mentioned that the cybercrime division of the Indian police carefully tracked the money trails through several ￰17￱ mentioned that the criminals were smart, but the division was able to discover the Indian accounts that the funds originated from, linking them to the USDT transactions. “The probe revealed the transfer of Rs. 10 crore to a Pakistani Binance USDT account, which has accumulated over Rs. 25 crore from Indian accounts and this gang being one of the major sources,” he ￰18￱ the past few months, residents and stakeholders have called on the government, seeking clarity on how it intends to regulate digital ￰19￱ amount of illicit activities being carried out in the space has increased in that time frame, with these criminals targeting innocent ￰20￱ curb these illicit activities, India would need to move swiftly to create regulations that would safeguard investors in the crypto market, giving them a safe space to carry out their ￰21￱ your strategy with mentorship + daily ideas - 30 days free access to our trading program