ED & FBI Teamed Up for $30 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.

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