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Crypto Currencies: Delhi Firm Sells ₹1,858 Crore on Crypto Exchanges Raises ED Alarm | Delhi News
NEW DELHI: A Delhi-based company sold cryptocurrencies worth over Rs 1,858 crore on cryptocurrency exchanges, raising an alarm with the enforcement directorate which then launched a probe after a case was registered by the Delhi Crime Police.
Soon, a money trail by anti-money laundering agency officials revealed that the accused had already made illegal foreign remittances worth more than Rs 3,500 crore, a startling revelation that led to further widening of the probe to unearth the royals beneficiaries of the hawala racket which led to the transfer of black money to offshore tax havens.
The investigation further revealed that the accused had deposited cash of Rs 1,300 crore in different bank accounts here in shell entities. After a search, the ED arrested the main accused, Manideep Mago, who allegedly laundered black money of several big businessmen by opening accounts in Canada and Hong Kong using Hawala channels and cryptocurrency exchanges.
A special court on Tuesday remanded Manideep to ED custody for five days for his interrogation and recording of statements. “During searches, it came to light that an international hawala syndicate was active in Delhi and was collecting cash from exporters/importers and remitting it to foreign countries on fake invoices. As part of this vast operation, foreign remittances worth over Rs 3,500 crore were sent to Canada and Hong Kong,” the ED said.
The remittances were made against bogus invoices collected for online rental of GPU servers for cryptocurrency mining, educational software and bare metal server rental, the ED said, adding that the syndicate members incorporated companies in Hong Kong and in Canada, to facilitate international hawala. transactions. “The syndicate invested heavily in illegal cryptocurrency mining and arbitrage trading as part of their international hawala operations,” ED said, and said it found evidence of the involvement of accountants and some bank officials.
The agency further revealed that fake invoices were generated in the names of 70,000 random names to justify the cash deposit. The source of the cryptocurrency has not been disclosed by the accused so far, the ED said.
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