The Indian government arrested 10 individuals related to cryptocurrency money laundering for a Chinese syndicate
In the campaign against cybercrime, the Uttar Pradesh police arrested 10 suspects from localities like Lucknow, Raebareli, and Gonda. These individuals are accused of aiding a Chinese crime syndicate in transferring money through cryptocurrency money laundering activities.
Analysis of the arrest: Money laundering through blockchain networks and decentralized exchanges
According to the news, the suspects were found to have transferred illegal cryptocurrency to other blockchain wallets, using decentralized exchanges to conceal the source. These activities occurred to shorten the money laundering journey, avoid legal troubles, and exploit the decentralization of blockchain technology.
Police strategy: Smash the transnational crime network
Investigators confirm that individuals working for the Chinese crime group used local bank accounts to receive illegal cryptocurrency. They later transferred the funds to suitable addresses within the DeFi ecosystem to conduct money laundering, profiting from transaction activities and taking a percentage commission from each transaction.
According to statistics, within two months, the suspects transferred a total of nearly 75-80 lakh Rs. (equivalent to 86-92 thousand USD) through various cryptocurrency wallets. The group also colluded with individuals in the banking and official sectors, creating fake accounts to transfer money illegally.
The trial and the role of the remedial subjects
Among the 10 arrested individuals, 2 agreed to cooperate, becoming government witnesses. The remaining suspects are detained in preparation for trial, accused of assisting the crime group's operations in developing money laundering communities, managing e-wallets, and profiting from international transfers.
This clarifies the rising trend of fraud activities through cryptocurrency within the community. Authorities are further investigating large-scale transactions, especially transfers to online casinos in Sri Lanka, where criminals continue to exploit loopholes in the cryptocurrency platform for money laundering.
A warning from the authorities: Be vigilant about unreasonable investment projects
Authorities warn the public not to get caught up in overly attractive investment opportunities promising high returns on cryptocurrency platforms. Many exploit scam tactics to lure users into dirty projects to reap massive profits and then withdraw everything.
Therefore, users need to be cautious, check the transparency of projects, avoid financial losses, and help prevent money laundering activities through the cryptocurrency ecosystem. Malicious actors often exploit the concept of 'high ROI' to lure users, then convert money into tokens like Bitcoin, Ethereum, or other DeFi tokens for easier withdrawal after accumulating enough funds.
Source: https://tintucbitcoin.com/canh-sat-an-do-bat-10-buon-lau-crypto/
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