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Tag: ED

Over RS 4,000cr laundered via cryptos unearthed by ED in 1 year | India News – Times of India
Politics

Over RS 4,000cr laundered via cryptos unearthed by ED in 1 year | India News – Times of India

NEW DELHI: Virtual crypto currency exchanges have emerged as the new tax havens laundering large amount of illegal cash with anonymity as more than Rs 4,000 crore of such transactions have been unearthed by the Enforcement Directorate in the past one year alone. In June this year, ED issued a showcause notice to one leading exchange in India after the agency failed to track the real beneficiary who had laundered more than Rs 2,800 crore using crypto currency. In two related transactions, the agency found receipt of Rs 880 crore and transfer of Rs 1,400 crore worth of crypto currencies, but none of the transactions had details of beneficiaries. In this particular case, criminals converted ‘proceeds of crime’ stashed in Indian rupee into crypto currency ‘Tether’ and then transferred the s...