Delhi Businessman Arrested in Cryptocurrency Money Laundering Case

The Enforcement Directorate has arrested Delhi-based businessman Manideep Mago for allegedly selling cryptocurrencies worth over Rs 1,800 crore. The company involved is suspected of international money laundering and hawala operations, leading to foreign remittances of more than Rs 3,500 crore.

In a significant crackdown, the Enforcement Directorate (ED) has apprehended Delhi-based businessperson Manideep Mago under charges of money laundering. His company's alleged sale of cryptocurrencies amounting to over Rs 1,800 crore has come under scanner.

Mago was detained under the Prevention of Money Laundering Act and brought before a special court in Delhi, which sent him to ED custody until June 23. The preliminary investigation revealed the involvement in international remittances and an operational 'hawala' syndicate.

According to ED, Mago's company, through a complex network, funneled more than Rs 3,500 crore to Canada and Hong Kong using bogus invoices. Further investigations unravelled the roles of chartered accountants and several bank officials in these fraudulent transactions.

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