Enforcement Directorate (ED) officials disclosed on Saturday a significant breakthrough in a money laundering investigation with links to drug trafficking, revealing the seizure of cryptocurrency valued at more than Rs 130 crore. The operation, which led to the arrest of a man based in Uttarakhand, was initiated following a request from US authorities.
Parvinder Singh, apprehended on April 27 from Haldwani in Uttarakhand’s Nainital district, saw the enforcement agency uncovering the proceeds earned through the illicit sale of drugs facilitated via the dark web. The ED revealed that a substantial portion of these transactions were directed towards European countries.
According to ED’s statement, the investigation stemmed from a mutual legal assistance plea from US authorities, invoking a unique provision under the Prevention of Money Laundering Act. This provision specifically targets offences with cross-border implications, corresponding to the Narcotic Drugs and Psychotropic Substances (NDPS) Act.
Allegations put forth by the ED suggest that Parvinder Singh and his brother, Banmeet Singh, alongside other associates, operated under the banner of an international drug trafficking syndicate known as “Singh DTO”, where ‘DTO’ signifies “drug trafficking organisation”. The modus operandi allegedly involved the use of vendor marketing platforms on the dark web, coupled with numerous free advertisements across the clear web, facilitating the sale of narcotics in the US, UK, and several European nations.
The “Singh organisation”, ED claims, received proceeds from drug trafficking through sales on dark web markets, subsequently laundering these funds via cryptocurrency transactions. The ED further revealed that bitcoins equivalent to Rs 130.48 crore were seized during the course of the search operation.
According to the agency, the Singh brothers operated under the alias “Liston” on dark web platforms such as “Silk Road 1”, “Alpha Bay”, and “Hansa”. These bitcoins associated with the ‘Liston’ moniker are purportedly proceeds of crime stemming from the illegal sale of drugs across multiple jurisdictions.