ED Adds Five More Accused in Goa Crypto-Laundering Case: ₹3.96 Crore Narcotics Proceeds Involved
The Enforcement Directorate (ED) has added five more individuals to its list of accused in a high-profile Goa drug case, alleging that they were involved in laundering ₹3.96 crore worth of narcotics proceeds using cryptocurrency.
According to the ED's investigation, the money was generated through organized interstate and cross-border narcotics trafficking since 2016 by Madhupan S.S., who is already accused in the case.
The agency claims that a part of these proceeds was layered through banking channels and routed to Dubai for conversion into USDT, a stablecoin pegged to the US dollar. The ED then allegedly used this cryptocurrency to buy narcotic substances from the dark web.
As part of its investigation, the ED has attached ₹939,250 in the hands of Anam Charan Pradhan and ₹17.48 lakh in the hands of Uttam Chand. The agency has also quantified proceeds attributable to the five persons named in the supplementary complaint but did not disclose those figures.
The case highlights growing concerns about the use of cryptocurrency for money laundering, particularly with the increasing convergence of financial crimes.