Gujarat CID Busts International Crypto Syndicate Linked to Terror Financing

The Gujarat CID Crime's Cyber Centre of Excellence has made another significant breakthrough in its investigation into an alleged international cryptocurrency syndicate. On Sunday, authorities arrested Ghulamali Qureshi (25), a resident of Ahmedabad's Mirzapur, who was allegedly operating illegal cryptocurrency transactions and converting 'dirty crypto' into USDT through peer-to-peer platforms and mule bank accounts.

According to officials, the investigation has revealed a complex network of transactions using anonymous cryptocurrencies like Monero and USDT. The probe found that funds from an illegal online narcotics marketplace were transferred into cryptocurrency wallets operated from Gujarat, including one belonging to Mohsin Molani.

The investigators used blockchain analysis to trace cryptocurrency transactions linked to the platform ARTEMISLAB.CC. They alleged that the group extensively used Monero to conceal transactions worth nearly Rs 2 crore. Police claimed the investigation uncovered links between the accused and entities sanctioned by international agencies, including Hamas, Ansar Allah, and Iran's IRGC-QF.

The combined transactions across the accused persons' accounts amounted to USD 23,962,383, with an estimated present value of Rs 226.54 crore. Officials alleged that funds were routed through hawala and angadia channels and later distributed through local operatives.