- ED seizes cryptocurrency worth over Rs 130 crore in a money laundering probe linked to drug trafficking.
- Parvinder Singh arrested in Uttarakhand, revealing proceeds from illicit drug sales on the dark web.
- Singh brothers allegedly operated an international drug trafficking syndicate, laundering funds through cryptocurrency.
In a significant development, the Enforcement Directorate (ED) has made headway in a money laundering investigation connected to drug trafficking, seizing cryptocurrency valued at more than Rs 130 crore. The operation, initiated based on a request from US authorities, led to the arrest of Parvinder Singh in Uttarakhand. Singh’s apprehension unveiled the proceeds earned through drug sales on the dark web, particularly directed towards European countries.
Allegations suggest that Singh and his brother, Banmeet Singh, alongside other associates, operated under the banner of an international drug trafficking syndicate known as “Singh DTO”. The modus operandi involved using dark web platforms for drug sales, with cryptocurrency laundering employed to conceal the proceeds. Bitcoins equivalent to Rs 130.48 crore were seized during the operation, revealing the scale of illicit activities orchestrated by the syndicate.
The ED’s investigation underscores the challenges posed by cryptocurrency in facilitating illicit transactions, particularly in the context of cross-border criminal activities like drug trafficking. The agency’s crackdown sheds light on the sophisticated methods employed by such syndicates and the importance of international cooperation in combating cyber-enabled crimes.
