ED recovers 268 Bitcoins worth Rs 138 crore from Haldwani resident
The Enforcement Directorate (ED) has seized 268 bitcoins valued at ₹138 crore from a resident of Haldwani following a raid prompted by US authorities investigating his alleged ties to an international trafficking syndicate.
Parvinder Singh was apprehended by ED after a raid at his Haldwani residence in Uttarakhand. This operation, in collaboration with US authorities, was a rare move aimed at assisting in uncovering Singh's role in an international drùg operation, as reported by ET on April 27.
Following Singh's arrest, he was remanded to ED's custody until May 4. During interrogation, ED recovered 268 bitcoins worth ₹138 crore, according to a senior official speaking on condition of anonymity.
ED's investigation revealed that Singh and his accomplices utilized dark web vendor sites and a network of drùg distributors to sèll drùgs in the USA, UK, and other European countries. The proceeds were then laundered through cryptocurrency transactions. It is noted that US authorities have already seized bitcoins valued at significant sums in connection to this case.
The ongoing US investigation targets Parvinder Singh and Banmeet Singh, both from Haldwani, for their suspected roles in running an international drùg trafficking group called 'The Singh Organisation'. This group operated through dark web vendor sites and a network of distributors, with transactions primarily involving cryptocurrency payments exchanged for drùgs and subsequently laundered through crypto wallets.
The US probe, involving tracking withdrawals from dark web markets and examining emàil communications, uncovered that the organisation received approximately 8,488 bitcoins through various aliases used on platforms like 'SILK ROAD 1', AlphaBay, and Hansa.
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