Bitcoin channel used to push ‘dirty money’ into J&K from Pak: Police

Bitcoin channel used to push ‘dirty money’ into J&K from Pak: Police

Srinagar: The Special Investigation Agency (SIA) of J&K Police on Wednesday conducted searches at multiple locations across J&K. House premises of suspects in Mendhar, Poonch, Baramulla, Kupwara and Handwara were searched in connection with investigation of case FIR No.12/22 U/S 18, 38, 39 UA (P) Act, 120-B, 121,121-A IPC registered in Counter Intelligence Police Station in Srinagar.

The case pertains to terror financing via Bitcoin trade. A police statement said that details that are being investigated into at the initial stage include a “mastermind” in Pakistan who has been comprehensively identified.

It said that preliminary investigation revealed evidence that the dirty money originating from Pakistan has been layered to prevent tracing of its origin. While several accounts-in-the-middle that have been used to layer the money are outside J&K, the effective whitewashing of the Pakistani money has taken place through exploitation of loopholes international bitcoin trade.

“During searches conducted today, incriminating material believed to be hidden in digital devices, SIM cards, Mobile Phones and documents, having a bearing on the investigation have been recovered and seized,” the police stated.


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