ED probes use of crypto by D-Company, raids associates

economictimes.indiatimes.com:

Enforcement Directorate (ED) is probing the use of the darknet and cryptocurrencies by India's most-wanted fugitive, Dawood Ibrahim, amid suspicion that the underworld don has turned to digital tools to deploy the proceeds of crime raised through money laundering to invest primarily in offshore real estate. Ibrahim has been found to be actively involved in various illicit businesses, including betting, drug trafficking and extortion, said people privy to the details of the probe. «A substantial amount of the proceeds of crime raised through these illegal businesses has been invested to buy cryptocurrencies and purchase real estate,» said one of the officials, who did not wish to be identified. «Money is routed to wallets through hawala transactions and then these wallets are used to purchase real estate. The United Arab Emirates (UAE) is one of the preferred destinations both for purchase of wallets and investing in real estate. D-Company (Ibrahim's criminal syndicate) has a strong hawala network to send money to the UAE.»

Did you Know?

A statue honouring mysterious Bitcoin founder Satoshi Nakamoto was unveiled in a business park near the Danube River in the Hungarian capital Budapest

Earlier this week, the ED registered a case against Ibrahim and his close aides under the Prevention of Money Laundering Act and conducted raids across Mumbai, including against two city-based builders and Ibrahim's late sister Haseena Parkar's Nagpada residence. A close relative of Ibrahim's trusted lieutenant, Chhota Shakeel, is being questioned by the agency. The case is based on a recent first information report registered by the National Investigation Agency. «While crypto is a recent foray, the exact amount