Indian Authorities Looking to ‘Seize’ 500 Bitcoins Belonging to Drug Traffickers
In a landmark case that could see the first ever seizure of bitcoin during a criminal investigation in India, the Narcotics Control Bureau (NCB) will look to seize about 400-500 bitcoins (approx. ₹ 21,883,567 INR or $ 327,170 USD) from the accounts of alleged drug traffickers in the country. The seizure comes as a part of a wider crackdown on drug trafficking conducted over darknet marketplaces wherein a joint-effort by law enforcement agencies has, thus far, begun investigations on three drug syndicates in the country, reports Indian e-publication LiveMint. In one particular case from....
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India is quickly becoming a hotbed of Bitcoin activity. We reported last week on an Indian media broadcast, creating news and shows around the digital currency and forecasting huge Bitcoin value increases due to high demand in India. Now, a burgeoning drug syndicate that used a combination of ‘The Darknet’ and Bitcoin to grow an illegal drug trafficking operation has been discovered by authorities according to sources. Authorities have been tracking this activity for several months. India’s Narcotics Control Bureau first discovered two illicit drug vendors operating out of India, however,....
It is the first time Bitcoins are being seized by the NCB during an investigation. India is one of those countries warming up to Bitcoin and cryptocurrency. Unfortunately, this is not always a positive trend. A lot of people use Bitcoin for legitimate reasons, but there is an increase in drug trafficking. The Indian Narcotics Control Bureau seized 500 Bitcoin during a drug investigation earlier this week. The deep web is a significant threat regarding drug and weapon trafficking. These underground marketplaces make it easier for criminals to buy and sell their goods and services online. In....
For the first time in India, the Narcotics Control Bureau has reported the activities of a darknet marketplace for drugs. The agency is currently investigating the syndicate behind it. India has registered its first case of illegal drug trafficking over the darknet using bitcoin as the mode of transaction. The country which has been slow in the adoption of digital currency in comparison with other nations has finally caught up with the global trend. The reports of increased activity of darknet-based drug traffickers within the country were reported by the Indian anti-narcotics agency,....
Australian newspaper The Age this week reported that millions of dollars worth of bitcoin has been seized in a drug bust spearheaded by Victorian authorities. Said report indicates that the Director of Public Prosecutions "obtained a restraining order" on the bitcoins from the suspected drug traffickers' wallet some time in 2012-2013. This information came from the office's most recent annual report presented on Tuesday in state parliament. "Criminals have embraced the digital currency to transact in illicit goods and to launder money across borders, posing a challenge to law enforcement,"....
Officials from India claim to have had their ‘first’ run in with Dark Net Market (DNM) usage. The Hindustantimes just reported on how Indian Anti-Narcotics agencies are focusing in on these new markets and improving their surveillance methods. India’s Watchdog Probes DNM’s. India’s Narcotics Control Bureau (NCB) found two illegal drug smuggling....