Crypto
India Cracks Down on Global Crypto-Hawala Network Tied to Narcotics
The Indian Enforcement Directorate (ED) has arrested a Dubai-based resident in connection with an alleged cross-border crypto-hawala network.
The arrest is part of a broader crackdown on narcotics money laundering, which investigators claim involves international drug syndicates and networks spanning India, Brazil, and Thailand.
The accused, Nihal V.N., allegedly laundered illicit drug proceeds through cryptocurrency and foreign exchange transfers, converting cash into digital assets and then transferring them to suppliers in other countries.
The ED claims that forensic teams have traced multiple crypto wallets linked to the alleged scheme, as well as offshore bank accounts and domestic shell entities used to move funds.