Gang laundering money via illegal crypto trading on Telegram busted
Lucknow: A joint team of Lucknow police's cybercrime cell on Saturday busted a gang originally being run by Chinese nationals or their proxies through a Telegram channel. The gang was involved in duping people by transferring crores of rupees to mule accounts on the pretext of illegal 'crypto trading' using USDT (Tether).
Those arrested were identified as Satyam Tiwari, 21, from Lucknow, Diwakar Vikram Singh, 21, from Basti, Saksham Tiwari, 21, from Rae Bareli, Vinod Kumar, 24, from Gonda, Krish Shukla, 25, from Lucknow, Mohd. Shad, 31, from Barabanki, Laiq Ahmed, 32, from Gonda, currently in Lucknow, and Manish Jaiswal, 40, from Lucknow.
Police seized 16 mobile phones, two laptops, a tab, Rs 1.85 lakh in cash, three cheque books, one passbook, and four four-wheelers from the accused.
Additional DCP (crime) Vasanth Kumar said the gang opted for illegal crypto transactions via USDT (Tether) to mint money. In the last two months, an amount of around Rs 75-80 lakh was siphoned off through bank accounts on the pretext of 'crypto trading'. Kumar said that the investigation revealed the role of a foreign handlers' network as the entire operation was conducted through Telegram channels, which are primarily run by Chinese citizens or their proxies.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất
IC Markets
Đăng ký
Undo
"These handlers coordinate USDT (Tether) trades via the TRC-20 network, avoiding any legal crypto exchange. The communication is encrypted, alias-based, and usernames are changed frequently to conceal identities. The gang appointed Indian bank account holders (mule accounts) to stash the cash.
The local agents hire Indian nationals on a commission basis to use their bank accounts for high-value transactions.
The account holders are told that their accounts may be frozen after the transaction — indicating that they had prior knowledge of the crime and KYC was either evaded or fake documents were used for KYC.
The cash withdrawal (money pickup) was done on the day of the transaction. The agents working in India take the account holders to their respective banks. The higher amount is deposited through NEFT/RTGS/IMPS, and the entire amount is withdrawn in cash on the same day.
The mule account holders were given their 'cut' for the favour. Then they transfer cash to crypto dealers. The withdrawn cash amount is assigned to a crypto broker, who uses it through a broker who conducts decentralised 'peer-to-peer' (P2P) transactions using cash and USDT transfers via multiple decentralised wallets," said Kumar.
Since these wallets are free from KYC and regulation, they are used to hide illegal transactions.
After USDT is purchased, it is transferred via the TRC-20 network to the wallet addresses provided by Telegram channels.
Police said there are no invoices, valid exchange records, or tax compliance involved in the entire process, making it ideal for illicit money laundering and international transfers. During interrogation, the accused called themselves 'crypto traders'. However, they were unable to produce any valid documents like exchange ledger records, wallet KYC, GST invoice, and tax documents.
Police said to maintain privacy, these people use decentralised wallets, even at higher exchange rates than normal, as these wallets do not require identity verification (KYC) and cannot be easily tracked by law enforcement agencies. These wallets and exchanges are extremely difficult to trace as they are based on a global network and do not come under the jurisdiction of any one country. "This confirms that 'crypto trading' is only a cover to hide the source and destination of illegal funds," police said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Gazette
23 minutes ago
- India Gazette
Assam CM Himanta Biswa Sarma announces commencement of Ambubachi Mahayog
New Delhi [India], June 22 (ANI): Assam Chief Minister Himanta Biswa Sarma on Sunday announced the beginning of 'Ambubachi Mahayog,' an annual celebration honouring the divine femininity of Maa Kamakhya. In a post on social media platform X, Chief Minister Sarma shared that spiritual leaders and devotees from across the country would gather at the sacred Nilachal Hills to offer prayers. He welcomed pilgrims to Assam for a divine experience and to seek the blessings of Maa Kamakhya. 'Today marks the beginning of the #Ambubachi Mahayog, an annual celebration of Maa Kamakhya's divine femininity. Spiritual Gurus and devotees from across the country will dawn upon the sacred Nilachal Hills to pray for Bharat. I welcome all pilgrims to Assam & wish everyone a divine experience and the choicest blessings of Maa Kamakhya,' the post read. Earlier on June 21, Sarma also dedicated two newly constructed district jails in Chirang and Baksa, further enhancing the region's infrastructure. It may be noted that Sarma first inaugurated the district jail at Kajolgoan in Chirang, which has been constructed involving the financial outlay of Rs 72.79 crore. The jail can accommodate 500 prisoners, 352 male and 138 female, separately. On the other hand, the district jail at Mushlapur, Baksa, was constructed for Rs 53.86 crore and has a capacity for 500 inmates, including standard administrative and inmate facilities. Speaking at the inaugural function held at Kajolgaon in Chirang, Chief Minister Sarma said that Chirang, though a full-fledged district, somehow lacks necessary infrastructural facilities.' However, as a result of joint initiatives by the state government and the BTC administration, the district is being empowered with much-needed infrastructure facilities. Within a very short time, construction work for the Chirang district stadium will get underway,' the CM said. He also said that the Upendra Nath Brahma garden being built in Chirang with a financial outlay of Rs 8 crore, once completed, will increase the beauty of Chirang. He said that the Gelephu Mindfulness City in Bhutan has created several possibilities in Chirang. Considering this development, the State government has undertaken several development works to empower the Chirang district socially and economically. The new road project will facilitate smooth movement from Chirang to Gelephu, and the rail line from Gelephu to Kokrajhar will touch Chirang, which will definitely expedite the economic development of the district,' he said. (ANI)
India Gazette
24 minutes ago
- India Gazette
Delhi Police arrests 2 in Bisleri bottle racket
New Delhi [India], June 22 (ANI): North West District's Delhi Police arrested two individuals in a Bisleri bottle racket and seized a large quantity of fake packaging material and equipment. The arrested have been identified as Sikander (30) and Ashish (19), both residents of Shakurpur. The police recovered 127 counterfeit Bisleri stickers, 387 counterfeit barcodes, 20 litres of bottles, 26 counterfeit Bisleri labels, and seven heater guns and lighters. A complaint was received from Bisleri representatives regarding the illegal manufacturing and sale of counterfeit Bisleri bottles. Upon receiving information, a team of officers investigated the counterfeiters and in a raid conducted arrested two individuals. The accused individuals have been charged under the Copyright Act. Additionally, action has been initiated against Vishal Gupta under the Environment Protection Act for supplying water for the manufacturing process. Further investigation is underway. Earlier on June 20, the Delhi Police arrested a man for duping people by posing as a customer care executive of a credit card delivery service and sending malicious APK files to gain unauthorised access to their devices. According to the police, a complaint was received on April 17 in which the complainant stated that he had applied for a new SBI credit card, which was scheduled to be delivered to his residence. However, when the delivery agent arrived, the complainant was not at home, and the card could not be delivered. Subsequently, the complainant searched online for the customer care number of the delivery app and contacted a number that appeared on the search. He requested that the credit card be delivered to a new address. The person on the other end of the call asked him to make a payment of Rs 5 for the rescheduled delivery and sent him a malicious APK file to facilitate the transaction. After downloading the file, the complainant attempted to make the payment but was unsuccessful. Shortly afterwards, he discovered that an amount of Rs 50,000 had been fraudulently deducted from his account. It was later established that the accused had posed as a customer care representative and defrauded the complainant. Following a preliminary inquiry, a case was registered and an investigation was launched. The investigation was conducted meticulously, analysing all key facts and technical details. The complainant provided screenshots of transactions made, revealing that the amount was deducted via UPI and sent to an alleged UPI ID. With the assistance of the technical investigation, the accused person was identified as Asad Ali Abbas, a resident of Chittaranjan Avenue, Kolkata. Based on sustained surveillance, a raid was conducted in Chittaranjan Park, Kolkata, and Abbas was apprehended. During interrogation, Asad Ali Abbas admitted to his involvement in sending malicious APK files to victims, gaining remote access to their devices, and committing cybercrimes. One mobile phone, allegedly used in the commission of the crime, was recovered from the accused. The investigation revealed the modus operandi of the accused, and a further probe is underway to uncover any potential accomplices or additional crimes. (ANI)
Time of India
an hour ago
- Time of India
Chhattisgarh HC denies bail to accused in Rs 411 crore 'Hamar-Lab' scam
RAIPUR: The Chhattisgarh High Court rejected the first bail application of Shashank Chopda, an accused in the alleged Rs 411 crore 'Hamar-Lab' scam. The case, registered by the Economic Offences Wing/Anti-Corruption Bureau (EOW/ACB), Raipur, involves charges under Sections 409 (criminal breach of trust) and 120B (criminal conspiracy) of the Indian Penal Code, along with Sections 13(1)(A), 13(2), and 7(C) of the Prevention of Corruption Act, 1988. Chief Justice Ramesh Sinha, after hearing arguments from both sides, stated that economic offences are more serious than conventional crimes as they impact the entire economy and pose a grave threat to the country's financial health. The prosecution's case centres on alleged irregularities in the "Hamar-Lab" scheme, launched in 2021 by the Public Health and Family Welfare Department. The scheme aimed to procure essential medical equipment and machines through the Chhattisgarh Medical Services Corporation Ltd (CGMSCL). The FIR alleged that officials from the Directorate of Health Services and CGMSCL placed disproportionate orders without proper budget evaluation or administrative approval, causing a loss of approximately Rs 411 crore to the state exchequer. Senior counsels Siddharth Mridul and Ajay Mishra, appearing for Chopda, argued that their client had no role in the alleged offence and was merely a bidder. They claimed that Chopda's company incurred a loss of Rs 351 crore and was being made a "scapegoat" to evade payment liabilities. They further contended that the EOW/ACB investigation was selective, as no govt officials were questioned or arrested until directed by the High Court. The defence also maintained that there was no risk of evidence tampering since all documents were submitted online and electronic devices, including mobile phones and computers, were already seized. Bail was sought on grounds of parity, citing a Supreme Court stay on the arrest of co-accused Rajesh Gupta in the same case. Dr Sourabh Kumar Pande, Deputy Advocate General for the state, opposed the bail plea, stating that CGMSCL purchased reagents without following due procedures or assessing actual requirements. He alleged that the specifications for medical equipment were "tailor-made" to favour a particular company, resulting in substantial losses. Pande described Chopda as the "mastermind" behind the cartel who influenced govt officials. The Deputy Advocate General also informed the court that five other co-accused, including public servants and CGMSCL officials, were arrested. He expressed concern that if granted bail, Chopda might tamper with evidence or influence witnesses. The High Court observed that economic offences, involving deep-rooted conspiracies and significant losses to public funds, must be treated seriously. It cited Supreme Court judgments emphasising that such crimes impact the national economy and erode public confidence in the financial system. Chief Justice Sinha noted that while a chargesheet was filed against Chopda, the investigation against other accused persons, including govt officials, was ongoing. He stated that the applicant appeared to be a "direct beneficiary" of the crime and could not be equated with co-accused Rajesh Gupta. The court also highlighted that the equipment supplied by Chopda's firm involved "closed system" technology, which would necessitate future procurement of reagents exclusively from his company, potentially leading to a monopoly and depriving the public of access to pathological tests. The court concluded that granting bail at this stage would "embolden corrupt practices" and undermine public trust in the justice delivery system. Chopda, representing Mokshit Corporation, faces several specific allegations, including procuring EDTA tubes (used for blood sample collection) from Mokshit Corporation at an inflated price of Rs 2,352 per piece, while other institutions procured them for a maximum of Rs 8.50. This was later clarified as a typographical error, with the actual price being Rs 23.52 per piece. He is also accused of purchasing reagents worth Rs 300 crore to prevent the expiry of chemicals held by Mokshit Corporation and supplying CBC machines at Rs 17 lakh per unit—significantly higher than the market price of Rs 5 lakh—after Mokshit Corporation was declared L-1 in the tender process. Additionally, he is alleged to have conspired with other firms such as Recorders and Medicare Systems and Shri Sharda Industries to generate illicit profits.
