Indian Authorities Crack Down on Crypto Laundering Ring

• Indian authorities traced over ₹5.24 crore and more than 10,000 transactions to a single bank account used by a crypto laundering network.
• According to the details shared, members were promised high commissions, supplied with new mobile phones, and instructed to constantly change locations to avoid detection.

The Indian law enforcement agencies have arrested nine members of a cybercrime syndicate that were involved in procuring and selling bank accounts to carry out fraud. The group of young men used these accounts to move illegal funds through traditional hawala channels and also crypto networks so as to make it impossible to detect the source of the funds. According to the investigators, the operation is properly calculated and coordinated.

How the Criminals Made Use of Crypto to Launder Money

The details were covered by the Times of India, and according to the report, transactions worth about ₹5.24 crore were traced to a single bank account used by the syndicate group. Additionally, the police intelligence inputs received a signal on the 26th of November pointing them to a hotel in Dwarka, where several members of the group were operating.

Acting quickly based on the signal, the police conducted a raid at the location and arrested four individuals on the spot.The arrested suspects were identified as Sultan Salim Shaikh, Sayed Ahmad Choudhary, Satish Kumar, and Tushar Maliya.

Also Read: Delhi Police Crackdown on ₹254 Crore Fraud Network

During questioning, the accused revealed that they carried out fraud on the instructions of another syndicate member. 8They also admitted that they frequently changed locations to avoid being tracked by government agencies.

After they were arrested and properly interrogated by the police, it was discovered that Sultan Salim Shaikh, one of the suspects, previously opened a current bank account about a month earlier under the direction of a handler.

The handler reportedly promised him a 25% commission on every fraudulent transaction processed through the account. As part of the deal, Shaikh was also provided with a new mobile phone to manage communications and transactions discreetly. Police said the bank account was initially opened with a deposit of ₹25,421 but was later used to run the large-scale scam. The account recorded as many as 10,423 transactions, with a total value of ₹5.24 crore.

Officials say this case highlights the growing use of cryptocurrency alongside traditional illegal money transfer systems that are built to hide the origins of criminal proceeds. Investigations are still ongoing, and police are working to identify other handlers and masterminds connected to the syndicate

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