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Cryptocurrency Trader, Digital Currency, Executive Board, Indian Cryptocurrency, International Hawala, Law Enforcement, Money Laundering, Online Betting, Online Wallet, Fraud, Stablecoin, USDT
Indian law enforcement agencies arrested Naisar Kothari (Naisar Kothari), a cryptocurrency trader for his role in a money laundering scheme related to online gambling fraud in China. The arrest was carried out after the country’s Enforcement Agency (ED) detected that a large amount of money was “inexplicably transferred to certain cryptocurrency traders”.
In addition to arresting Kothari, ED has also conducted multiple raids on companies and individuals believed to be running illegal online gambling applications. ED believes that online applications are hosted outside India and operated by Chinese citizens.
An Indian media outlet stated in its report detailing the actions against Kothari that the cryptocurrency trader allegedly purchased USDT stablecoins on behalf of a company under investigation. Then, Kothari transferred the digital currency to an unknown wallet. According to Indian law:
Kothari consciously and actively participated in the stratification of criminal proceeds, so he was arrested.
After being arrested, the Indian court has ruled that Kothari people facing charges of violating the country’s “Prevention of Money Laundering Act” (PMLA) will be detained until December 22.
At the same time, the same report shows that the Education Department has taken action against three other unnamed individuals, including a Chinese national. In addition, actions have been taken against two companies, Dokypay Technology and Linkyun Technolgy. According to police documents opened after the complaint, the three and the two companies were also accused of violating PMLA.
Prompted by the complaint, the country’s law enforcement agencies launched an investigation, and the results of the investigation later revealed: “In addition to providing payment aggregation resale services for India’s banned applications, Chinese companies have also participated in international transactions and illegal activities. “
In addition, Indian law enforcement agencies insist that criminals are using the “relaxed due diligence mechanism” associated with online wallets to “carry out pan-India operations.”
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