ED Joins Probe into Rs 226.54-Crore Crypto Network

The Enforcement Directorate has formally joined the investigation into a large-scale cryptocurrency network uncovered by Gujarat's CID Crime branch. The ED's involvement marks a significant escalation in the probe, which is now focused on tracking money laundering activities.

The agency will examine transactions involving Tether (USDT), a popular stablecoin, and investigate potential links to international entities such as Hamas, Ansar Allah, and other sanctioned organizations. Investigators believe that proceeds from criminal activities like narcotics trafficking and cyber fraud were laundered through cryptocurrency channels before being converted into USDT.

The ED will also probe the use of privacy-focused cryptocurrencies like Monero, multiple wallets, peer-to-peer transactions, and mule bank accounts to conceal the source of funds. Additionally, suspected links to hawala and angadia channels have emerged, allegedly used to move cash generated from these transactions.