Crypto

ED & FBI Teamed Up for $30 Billion Cryptocurrency Scam

Published

2 years ago

April 30, 2024

ED & FBI Teamed Up for Billion Cryptocurrency Scam

Indian authorities, together with the FBI, have cracked down on a massive Rs 3,000 crore ($30 billion) scam involving digital currencies in Uttarakhand. This teamwork led to the arrest of two suspects accused of running an international drug trafficking ring.

The operation kicked off when the Enforcement Directorate (ED) started looking into the matter in August 2023. With key info from US authorities, they pinpointed two Indian nationals, Parvinder Singh and Banmeet Singh, as key players in the drug network. The duo was nabbed from Haldwani, Uttarakhand, on April 27, after detailed raids.

The FBI, working in tandem, seized digital currency assets worth around Rs 1,500 crore, directly linked to this criminal network. Meanwhile, the ED also recovered important documents that are crucial for the case. These documents were shared with the FBI for further analysis and evidence collection.

In a related search, law enforcement raided Parvinder Singh’s place in Haldwani to seize electronic devices like computers and smartphones, believed to have been used in the crimes.

This joint effort by Indian and US authorities marks a significant victory in fighting cybercrime and drug trafficking. It’s a testament to international cooperation in combating such illegal activities.

Also Read: CIFDAQ Brings Cutting-Edge Blockchain Solutions to India

Crypto

Crypto Tax Pressure Reaches Congress as Lawmakers Face Urgent Push to Rewrite Federal Rules

Published

7 hours ago

December 17, 2025

Press Room

Lawmakers are confronting rising pressure to modernize cryptocurrency tax policy as uncertainty clouds compliance, threatens U.S. competitiveness, and forces Congress to weigh legislative action amid warnings that capital and innovation could move offshore.

Crypto

Cryptocurrency becomes trendy holiday gift option

Published

19 hours ago

December 16, 2025

Press Room

Cryptocurrency becomes trendy holiday gift option

PHOENIX (AZFamily) — Cryptocurrency is appearing on more holiday wish lists as gift-givers look for alternatives to traditional presents.

A new survey from the National Cryptocurrency Association and PayPal shows 24% of Americans have given or are considering giving cryptocurrency this holiday season.

The survey also found that 17% of consumers would rather receive cryptocurrency than a gift card, and 31% of Americans believe crypto gifts are less likely to go unused than gift cards.

“It’s actually a trending holiday gift, especially compared to gift cards,” said Ali Tager, a spokesperson for the NCA. “We know crypto is becoming increasingly mainstream.”

Tager said people like receiving cryptocurrency because it has the potential to increase in value.

“There’s so much you can do with this technology and it’s still in its early days,” she said.

Financial advisor Angelica Prescod said there are other investment options to consider for gift-giving.

“One of them is just gifting people something simple. Maybe some shares of some stocks that you may already have, that you are gifting over, or you can give them the cash to do so and open up their own account and feel involved in the process,” Prescod said. “For most folks [cryptocurrency] is not really the go to.”

Gift-givers can also contribute to 529 plans for college and other education expenses.

“It’s that gift that potentially can keep on giving,” Prescod said.

For those still interested in giving cryptocurrency, experts recommend doing research first.

“Like with everything, anywhere, you always want to do your research. You want to make sure to verify your sources. You never want to take financial advice from strangers or click on random links that you receive,” Tager said.

The National Cryptocurrency Association offers a crypto simulator that helps users learn how to choose an exchange, set up a wallet, and send and receive cryptocurrency without spending real money.

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Crypto

Visa Targets Banks and Fintechs With Stablecoin Advisory Launch as Adoption Pressure Tightens

Published

1 day ago

December 16, 2025

Press Room

Visa Targets Banks and Fintechs With Stablecoin Advisory Launch as Adoption Pressure Tightens

Visa is moving deeper into stablecoin-powered payments as adoption surges, launching a new advisory practice to help banks, fintechs, and enterprises design, assess, and deploy stablecoin strategies across global payment and treasury operations.