Crypto Quill

In a joint operation, the Enforcement Directorate (ED) and US authorities have exposed a staggering Rs 3,000 crore digital currency scam. The investigation led to the arrest of individuals suspected of drug trafficking, with the FBI seizing Rs 1,500 crore worth of digital currency assets linked to the operation.

The Scam’s Dark Web Origins

The scam unfolded through the use of dark web vendor marketplaces and online advertisements, enabling the group to facilitate drug sales. The organization established a network of distributors and distribution cells, with transactions involving cryptocurrency payments for drugs. The funds were then laundered through various cryptocurrency wallets.

The Players and Their Tactics

The suspects operated under common aliases on dark web marketplaces such as Silk Road 1, AlphaBay, and Hansa. Their reach extended internationally, and they leveraged freely available online platforms to promote their illicit activities. The investigation revealed a complex web of drug trafficking, cryptocurrency transactions, and money laundering.

The Seizure and Ongoing Investigation

The FBI seized Rs 1,500 crore in digital currency assets associated with the operation. Additionally, the ED recovered crucial documents related to the case and shared them with their US counterparts. The investigation continues, with both agencies working tirelessly to dismantle the drug trafficking ring and bring all involved parties to justice.