Bitcoin
ED Seizes Rs 130 Crore Worth of Cryptocurrency in Drug Trafficking, Money Laundering Probe
Enforcement Directorate (ED) officials on Saturday disclosed a significant breakthrough in a money laundering investigation with links to drug trafficking, revealing the seizure of cryptocurrency valued at over Rs 130 million. The operation, which led to the arrest of an Uttarakhand-based man, was launched following a request from US authorities.
Parvinder Singh, arrested on April 27 from Haldwani in Uttarakhand’s Nainital district, saw the enforcement agency discover the proceeds obtained from the illicit sale of drugs facilitated through the dark web. The ED revealed that a substantial portion of these transactions were directed to European countries.
According to ED’s statement, the investigation resulted from a request for mutual legal assistance from US authorities, invoking a unique provision under the Anti-Money Laundering Act. This provision specifically targets offenses with cross-border implications corresponding to the Narcotic Drugs and Psychotropic Substances (NDPS) Act.
The allegations leveled by the ED suggest that Parvinder Singh and his brother, Banmeet Singh, along with other associates, operated under the banner of an international drug trafficking syndicate known as “Singh DTO”, where ‘DTO’ stands for “drug trafficking organization drugs.” The modus operandi allegedly involved the use of vendor marketing platforms on the dark web, along with numerous free advertisements on the light web, facilitating the sale of narcotics in the US, UK and several European countries.
The “Singh organization,” ED claims, received proceeds from drug trafficking through sales on dark web marketplaces, subsequently laundering these funds through cryptocurrency transactions. The ED further revealed that bitcoins worth Rs 130.48 million were seized during the search operation.
According to the agency, the Singh brothers operated under the pseudonym “Liston” on dark web platforms such as “Silk Road 1”, “Alpha Bay” and “Hansa”. These bitcoins associated with the nickname ‘Liston’ are allegedly proceeds of crimes arising from the illegal sale of drugs in multiple jurisdictions.