Fraud, crypto & wallet: A virtual hold for a real crime
money robbed in a cyber attack and laundered are parked in cryptos, the idea of a 'designated official wallet' to hold and ring fence crypto currencies bought with the proceeds of crime has cropped up.
Soon after a transaction by a scammer or the use of a mule account to purchase cryptos is tracked, the virtual digital assets (VDAs) can be moved to the proposed special account which would be under the control of a law enforcement agency (LEA).
This has been outlined in a draft standard operating procedure (SOP) prepared by Indian Cyber Crime Coordination Centre (I4C), an arm of the ministry of home affairs, two persons told ET. The proposed framework was discussed a fortnight ago at a meeting between senior government officials and members of fintech and payment firms.
According to the SoP, crypto exchanges would be linked with the Citizen Financial Cybercrime Reporting and Management System (CFCFRMS) that was launched in 2020 to integrate state police departments with the banks and financial intermediaries.
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View Details»CFCFRMS is a component
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