According to the report, the agency received Rs 880 crore in two transactions related to this and the transfer of crypto currency worth Rs 1,400 crore was detected.
The proceeds deposited in Indian Rupees were converted into the crypto currency ‘Tether’ and then converted to ‘Binance Wallets’, a crypto wallet service registered in the Cayman Islands
These days, investors are addicted to making big profits from crypto currency. In the last few months, there has been a lot of investment in many crypto currencies. According to the news of the Times of India, the Enforcement Directorate (ED) has issued a report saying that virtual cryptocurrencies are laundering a large amount of illegal cash. ED detected such transactions of more than four thousand crore rupees. In June this year, the ED had issued a show cause notice to a leading exchange in India after it was found that it had laundered over Rs 2,800 crore using cryptocurrencies.
No details of beneficiaries in any transaction
According to the report, in two transactions related to this, the agency received Rs 880 crore and transfer of cryptocurrency worth Rs 1,400 crore was detected, but in none of the transactions were the details of the beneficiaries associated with it. In this case the criminals converted the proceeds deposited in Indian Rupees into the cryptocurrency ‘Tether’ and then it was converted into ‘Binance Wallets’, a crypto wallet service registered in the Cayman Islands, where the illicit money was converted into dollars. None of these transactions exist on the blockchain for any audit or investigation.
Bill in the winter session of Parliament to ban cryptocurrencies
The ED said in its recent report, the government has listed a bill to ban all private cryptocurrencies in the winter session of Parliament. The reason for this is not only to curb the increasing incidents of money laundering in the country using virtual currency but also to meet the standards set by the Financial Action Task Force (FATF). In December last year, the ED had arrested a man from Bhavnagar in Gujarat for sending huge amounts of illicit money out of the country to Chinese nationals through illegal online betting and getting Indian Rupees converted into crypto currency.
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