FBI Busts Indian Citizen Group For $15 Million Crypto-To-Cash Money Launderin...
In a recent crypto investigation, the US FBI successfully infiltrated a group of Indian citizens suspected of engaging in illicit activities involving the exchange of cryptocurrency for over $15 million in cash. The alleged transactions took place at various locations in Westchester County, with the group catering to customers seeking anonymity for their activities. Crypto Crime Unveiled According to recent reports, five out of the six suspects were apprehended on October 17 and subsequently charged in US District Court, White Plains. The charges primarily revolve around operating an....
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Authorities in Hong Kong have arrested four people suspected of money laundering a total of $155 million through cryptocurrency wallets and bank accounts. The city’s customs agency said this was its first case in which virtual money had been used to launder dirty cash. Money Laundering Syndicate Recycles $155 Million in Crypto and Fiat Transactions The criminal group is believed to have processed illegal funds for a total of 1.2 billion Hong Kong dollars ($155 million), Hong Kong Customs announced Thursday. In an operation code-named “Coin Breaker,” officers detained the....
Shivcharan Singh Maran, a father of a small household who died at the age of 93, left 50,000 rupees, hereinafter Rs, in 500 Rs banknotes for his family before he passed away. The bundle of cash worth $750 was rejected by the Reserve Bank of India (RBI) because 500 banknotes were previously demonetized by Indian Prime Minister Narendra Modi. Strategy for the government, tragedy for the famil. Mastan, the son of Shivcharan, discovered a bundle of cash amidst cleaning the room of his father after his death. The bundle of cash was found in sets of 500 Rs banknotes hidden in a closet of the....
As India and its citizens continue to feel the aftermath of the unexpected and unprecedented demonetization event – the ban of Rs 500 and Rs 1,000 notes, two of India’s biggest bank notes – Finance Minister Arun Jaitley has pointed a silver lining – “less cash transactions and an increase in digital currency.” Speaking today, Indian finance Minister Arun Jaitley has opined that India will no longer see traditional cash numbers after the sweeping ban to render 86% of all cash in circulation obsolete, overnight, in early November. Instead, he sees the country moving toward a digital economy.....
The Bangalore based Indian Bitcoin company Unocoin has raised US$ 1.5 million in pre Series-A round. This is the highest amount of money raised for a digital currency company in India. Money for Uncoin poured in from well known Indian venture capitalists like Blume Ventures, Mumbai Angels and ah! Ventures. International investors backing Uncoin include Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital and FundersClub. The Indian Landscape - Unregulated but holds promise. India is home to 1 billion plus people. It is also the world’s fastest growing economy with present....
India is touting biometric security as the next step in payments, shunning cash and cards in a bid to make the economy secure and free of corruption. India Gov’t: Biometrics Future Of Payments. The Unique Identification Authority of India (UIDAI), which is working on issuing every Indian citizen with a 12-digit ID called Aadhaar, should form the basis for transactions together with mobile-based iris or thumbprint recognition. It is the latest government announcement following India’s flash demonetization November 8, in which higher-value rupee notes were suddenly decommissioned. Bitcoin....