India Nabs Dubai Man in Crypto-Hawala Crackdown
India's Enforcement Directorate (ED) has arrested a Dubai-based Indian national in connection with an alleged cross-border crypto-hawala network. Nihal V.N., who faces charges under the Prevention of Money Laundering Act, 2002, is accused of laundering drug proceeds through cryptocurrency and foreign exchange transfers.
The investigation, which began after raids across 26 premises in multiple states, uncovered a complex web of financial transactions spanning several countries. The ED claims that illicit drug proceeds were converted into crypto and transferred to suppliers in Brazil and Thailand, where they were used to finance high-grade narcotics and synthetic drugs for smuggling into India.
The case is part of the government's push under the 'Nasha Mukt Bharat' initiative, aimed at dismantling transnational narco-syndicates. The ED has vowed to continue tracing and attaching properties linked to drug proceeds, using provisions from the Prevention of Money Laundering Act alongside other applicable laws.