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ED arrests a crypto-currency trader under PMLA

ED arrests a crypto-currency trader under PMLA

New Delhi, Dec 11 (UNI) Enforcement Directorate (ED) on Friday said that it has got 10 days custody of an arrested Crypto-currency trader Naisar Kothari for his involvement in the offence of money laundering under Prevention of Money Laundering Act by the PMLA court here.
Accused Kothari was involved in online betting scam and international hawala of over Rs 1100 crore and sent to the ED custody from December 13 to 22.
ED initiated investigation under PMLA against Linkyun Technology Private Limited and Dokypay Pvt Ltd and others based on an FIR registered by Hyderabad CCS Police under sections 420 and 120B of IPC on the basis of a complaint received from one of the victim who had lost money by investing in a betting App.
Subsequent investigation had revealed that apart from providing payment aggregator re-seller services to banned Apps in India, these Chinese owned companies were indulging in International hawala and illegal activities.
“Login credentials and dongles for HSBC Bank Accounts and Payment Aggregators like Paytm, Cashfree, Razorpay were shipped to China and were being operated from there and three persons, including one Chinese national, were arrested earlier in this case and a chargesheet has been filed against them in the PMLA Court”, the probe agency officials said.
While investigating money trail, it was revealed that a large amount of money was being inexplicably transferred to some Crypto-currency traders based in Bhavnagar and that accused Naisar Kothari had purchased USDT Crypto-currency on behalf of the accused company and had transferred them to unknown wallets on foreign exchanges, the officials added.
Naisar Kothari had knowingly and actively involved himself in layering the proceeds of crime and was arrested by the probe agency under Section 19 of the PMLA, the ED said, adding that further investigation in this case is under progress.
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