The Enforcement Directorate (ED) of India has arrested Manideep Mago under the Prevention of Money Laundering Act (PMLA) of 2002 in connection with an “illegal foreign exchange remittance case” involving cryptocurrency. The investigation revealed that a company based in Delhi sold cryptocurrency worth over 185.8 billion rupees (approximately 2.23 billion US dollars) on a cryptocurrency exchange and made remittances exceeding 350 billion rupees.
An international hawala group was involved, using fake invoices to transfer funds to Canada and Hong Kong. The group invested heavily in illegal cryptocurrency mining and arbitrage trading. Evidence also suggests the involvement of chartered accountants and bank officials. The ED pointed out that they fabricated fake invoices and used 70,000 random names in the statistical database to falsify entries, in order to justify the legitimacy of cash deposits without disclosing the source of the cryptocurrency.
Tags:
Manideep Mago
Cryptocurrency
Source Link:
https://news.bitcoin.com/indian-authority-uncovers-large-scale-crypto-and-hawa…