India’s Crypto Hubs Linked to $75M Laundering Network

Indian cryptocurrency exchanges have been implicated in a sprawling $75 million money laundering scheme, according to a joint investigation by the International Consortium of Investigative Journalists and The Indian Express. The Home Ministry's cybercrime unit identified 27 platforms allegedly used to convert stolen funds into crypto and move them overseas between January 2024 and September 2025.

The findings reveal how digital assets are increasingly weaponized for cross-border financial crimes. Nearly 2,900 victims were defrauded across 144 documented cases, exposing critical gaps in India's regulatory framework as crypto adoption surges. Authorities currently lack both the tools to effectively trace illicit flows and secure infrastructure to store seized digital assets.

Dubbed 'The Coin Laundry', the ten-month investigation involved 113 journalists across 38 countries tracking the global misuse of cryptocurrency networks. The report maps how decentralized finance has created shadow corridors for moving illicit funds undetected.