Nine Arrested in India for Running Illegal Crypto Operations
Indian authorities have dismantled a criminal syndicate involved in laundering over Rs. 5.24 crore ($578,724) through illicit cryptocurrency activities. The operation, centered in a Dwarka hotel, led to the arrest of four individuals initially, with subsequent interrogations revealing a broader network.
Sultan Salim Shaikh, among those detained, admitted to opening a bank account for the syndicate in exchange for a 25% commission. The group frequently relocated to avoid detection, underscoring the challenges law enforcement faces in tracking such operations.
While no specific cryptocurrencies or exchanges were named, the case highlights ongoing regulatory pressures in India’s digital asset landscape. The arrests reflect heightened scrutiny as authorities aim to curb misuse of crypto for financial crimes.
