The Enforcement Directorate (ED) is shifting its focus to emerging financial crimes such as cryptocurrency fraud, terror financing, cyber-enabled crimes, and narcotics trafficking, according to Director Rahul Navin. The agency reported a high conviction rate and significant asset restitution to victims of financial fraud.
Two chartered accountants have been arrested by the Enforcement Directorate in connection with a money laundering case linked to a cyber fraud involving Rs 641 crore.
Well-known inmates of the notorious Metropolitan Detention Center, Brooklyn, New York.
The Enforcement Directorate (ED) has seized its biggest-ever cryptocurrency worth Rs 1,646 crore in a money laundering investigation into a fraud investment scheme called BitConnect. The scheme, which ran between 2016 and 2018, promised investors high returns through a proprietary trading bot but was found to be a sham. The ED tracked transactions through the dark web and seized the cryptocurrency from numerous wallets. This is the agency's largest-ever seizure of virtual digital assets and the investigation is ongoing.
An Enforcement Directorate team undertaking searches in a cyber fraud linked money laundering case was allegedly attacked in New Delhi on Thursday, officials said.
The federal agency said it conducted raids against a director of Zanmai Lab Pvt Ltd, which owns WazirX, on August 3 in Hyderabad and alleged he was "non-cooperative". The agency's probe against the crypto exchange is linked to its ongoing investigation against a number of Chinese loan apps (mobile applications) working in India.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
'Other sectors that manage the savings pools of Indians are giving tough competition to life insurance companies.'
Fraudsters in Himachal Pradesh minted a series of a cryptocoins -- two of which were KRO and DGT -- to cheat thousands of investors of more than Rs 200 crore over a period of five years, beginning in 2018 -- the year the crypto reached fever pitch.
Fan tokens are a type of cryptocurrency that allow holders to vote
Crypto-assets are essential to blockchain technology, which has the potential to be one of the next major growth drivers for the software ecosystem in India. A prohibition would nip this opportunity in the bud, say Vaibhav Parikh and Jaideep Reddy.
Central bank raises red flag, warns of potential risk
Damage from new shenanigans can be contained if regulators move quickly when something does not smell right, counsels Debashis Basu.
A new mobile banking 'Trojan' virus -- SOVA -- which can stealthily encrypt an Android phone for ransom and is hard to uninstall is targeting Indian customers, the country's federal cyber security agency said in its latest advisory.
"The government feels the industry needs some government oversight and can't be left unregulated. A panel of bureaucrats will soon submit their recommendations on the subject," said an official.
The Central Bureau of Investigation conducted searches in Delhi and the national capital region (NCR) and busted a fake tech-support call centre that allegedly defrauded US citizens online.
If the CBDCs don't offer interest, why will people shift from cash to CBDCs?, asks Tamal Bandyopadhyay.
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