Rs 100-crore money-laundering racket via crypto scheme busted: 4 held, kingpin at large


PTI, Nov 8, 2021, 7:47 PM IST

Kannur: The Kerala police on Monday said they have busted a racket involved in money-laundering through cryptocurrency deals and arrested four people.

Senior Kannur city police officer P P Sadanandan said Muhammed Riyas, C Shafeeque, Munavvarali and Muhammed Shafeeque have been arrested by police on the charge of embezzling crores of rupees from investors in connection with the cryptocurrency deal.

Nishad, the kingpin of the racket, is absconding, police said.

Sadanandan, the Assistant Commissioner of Kannur, said the accused allegedly raised crores rupees through an online website created in the name of a fake company formed in Bengaluru and raised around Rs 100 crore from their customers by falsely promising them a dividend of two to eight per cent per day in cryptocurrency.

The police said around Rs 40 crore was found transacted through the account of one of the arrested and Rs 32 crore through the account of another.

The accused, after carrying out the transactions with their customers, allegedly transferred the rest of the huge funds into the account of Nishad, police said.

The crime branch wing of the Kerala police, which is investigating into a similar case in Malappuram district, had recently frozen Nishad’s bank account with Rs 34 crore, police said.

Nishad was earlier arrested by police in Malappuram in connection with the money-laundering but he went absconding soon after securing bail, the police said.

He is said to be in the Middle-East, a senior police officer told PTI.

So far, only one complaint has been received from Kannur district, the police added.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Jharkhand court convicts 5 Jamtara cyber criminals for money laundering

Students of govt, govt-aided schools in Karnataka to get eggs six days a week

Dawood declared terrorist in individual capacity, says Bombay HC; grants bail to 2 UAPA accused

‘Cultural assets of India’: Seers welcome law to prevent misuse of names of chardham

Olympics 2024: 24 Indian armed forces personnel at Paris Games, maiden participation of female service athletes

Will scrap Dharavi slum redevelopment project tender after coming to power: Uddhav Thackeray

13-year-old raped, blackmailed by Instagram friend in MP; two held

Related Articles More

Jharkhand court convicts 5 Jamtara cyber criminals for money laundering

Dawood declared terrorist in individual capacity, says Bombay HC; grants bail to 2 UAPA accused

UP train accident: Probe blames improper fastening of track; Railways say ‘too early to arrive at conclusion’

‘Cultural assets of India’: Seers welcome law to prevent misuse of names of chardham

Will scrap Dharavi slum redevelopment project tender after coming to power: Uddhav Thackeray

MUST WATCH

Brahma Kumaris

Tapta Mudra Dharana

Banana Farming

Aghnashini River

Dr. Rajkumar


Latest Additions

Jharkhand court convicts 5 Jamtara cyber criminals for money laundering

Renowned Kannada TV serial director Vinod Dondale found dead, suicide suspected

Wrestlers will continue medal-winning trend in Paris: Yogeshwar Dutt

Southern Railway rejects reports of bifurcation of Palakkad division

Karnataka HC directs actor Darshan to approach magistrate court for home food in jail

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.