Bollywood Fever, Uttarakhand, India: On Saturday, Enforcement Directorate (ED) officials announced a major breakthrough in a money laundering investigation linked to drug trafficking, with the seizure of cryptocurrency worth over Rs 130 crore INR (15.5 Million USD). This operation, which resulted in the arrest of a man in Uttarakhand, was initiated at the request of US authorities.
Parvinder Singh, apprehended on April 27 in Haldwani, Nainital district, saw the enforcement agency uncover proceeds from the illegal sale of drugs facilitated via the dark web. The ED disclosed that a significant portion of these transactions was directed towards European countries.
According to the ED’s statement, the investigation began following a mutual legal assistance request from US authorities, invoking a unique provision under the Prevention of Money Laundering Act. This provision targets offenses with cross-border implications, corresponding to the Narcotic Drugs and Psychotropic Substances (NDPS) Act.
The ED alleges that Parvinder Singh, his brother Banmeet Singh, and other associates operated as part of an international drug trafficking syndicate called “Singh DTO”, where ‘DTO’ stands for “drug trafficking organization”. Their method allegedly involved using vendor marketing platforms on the dark web and numerous free advertisements on the clear web to facilitate drug sales in the US, UK, and several European countries.
The ED claims that the “Singh organization” received proceeds from drug trafficking through dark web sales and laundered these funds via cryptocurrency transactions. During the search operation, bitcoins equivalent to Rs 130.48 crore (15.5 Million USD) were seized.
The agency stated that the Singh brothers operated under the alias “Liston” on dark web platforms like “Silk Road 1”, “Alpha Bay”, and “Hansa”. These bitcoins associated with the ‘Liston’ moniker are allegedly proceeds of crime from the illegal sale of drugs across multiple jurisdictions.
Also Read, Marketnode Secures Series A Funding Led by HSBC
Paytm Shares Surge Amid Speculative Report of Gautam Adani’s Interest
