The Indian Enforcement Directorate (ED) has arrested Manideep Mago under the Prevention of Money Laundering Act 2002 (PMLA) in connection with an "illegal foreign remittance case" involving cryptocurrencies. The investigation found that a Delhi-based company sold cryptocurrencies worth more than 185.80 billion rupees (~ 223 million USD) on cryptocurrency exchanges and paid more than 350 billion rupees on foreign exchange.
An international hawala group was involved, using fake invoices to wire funds to Canada and Hong Kong. The group invested heavily in illegal cryptocurrency mining and arbitrage transactions. Evidence also suggests that chartered accountants and bank officials were also involved. The ED noted that they created fake invoices and falsified entries in a statistical database using 70,000 random names to justify the cash deposits, but did not disclose the origin of the cryptocurrency.
Manideep Mago was arrested by Indian law enforcement for "illegal foreign remittance case" related to cryptocurrency
2024-06-21 02:03:39
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