ED & FBI Teamed Up for $30 Billion Cryptocurrency Scam

As a researcher with a background in investigative journalism, I find this collaboration between Indian and US authorities to be a commendable effort in the fight against cybercrime and drug trafficking. The Rs 3,000 crore scam involving digital currencies uncovered in Uttarakhand is a complex issue that required the expertise of both teams.

Indian officials, in conjunction with the FBI, have successfully dismantled a significant Rs 3,000 crore ($30 billion) digital currency fraud scheme based in Uttarakhand. This cooperative effort resulted in the apprehension of two individuals suspected of orchestrating an international drug trafficking syndicate.

Crypto Scam! How FBI and ED teamed up to bust Rs 3,000 crore fraud – Details

— ET NOW (@ETNOWlive) April 29, 2024

In August 2023, the Enforcement Directorate (ED) initiated an investigation into the matter. With crucial information provided by American authorities, they identified Parvinder Singh and Banmeet Singh as pivotal figures in the drug ring. The two Indian nationals were subsequently arrested on April 27, following extensive searches, in Haldwani, Uttarakhand.

The FBI and I, working together, managed to seize digital assets worth approximately Rs 1,500 crore that were directly linked to this criminal network. At the same time, the ED discovered crucial documents for the case. These documents were then handed over to the FBI for further examination and collection of evidence.

As a curious crypto investor following news closely, I came across reports of a recent raid at Parvinder Singh’s residence in Haldwani. Law enforcement officials were on the scene to confiscate electronic devices such as computers and smartphones, suspected to have been involved in criminal activities.

As a crypto investor, I’m thrilled to see the collaboration between Indian and US law enforcement agencies resulting in a major win against cybercrime and drug trafficking. This is a powerful demonstration of the importance of international cooperation in tackling such illicit activities head-on.

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2024-04-30 16:36