MASSIVE CRYPTO SCAM IN JAIPUR RAID IN INDIA!
DON'T BE A VICTIM!
India has launched a crackdown on a massive crypto Hawala scam in Jaipur, seizing approximately $2 million in cash and jewelry, along with three cryptocurrency wallets.
The raid, conducted by the Income Tax Department, uncovered a complex money laundering plot involving Hawala operators and cryptocurrency transactions.
The investigation revealed that clients would make cash payments to Hawala operators, who would then use these funds to purchase cryptocurrencies like Bitcoin and Tether.
These transactions were decentralized and occurred outside of traditional banking systems, making it challenging to track the flow of funds.
The seized crypto wallets were linked to both domestic and international cryptocurrency exchanges. Officials also discovered records of WhatsApp conversations, emails, and spreadsheets detailing the involvement of Hawala operators from Gujarat and Rajasthan.
This crackdown is part of India's broader efforts to combat money laundering and regulate the cryptocurrency sector.
The government is planning to conduct similar raids in other cities to address undeclared income and money laundering.#IndiaCrypto
