The Enforcement Directorate (ED) made a significant breakthrough in the fight against international drug trafficking with the seizure of 268 bitcoins worth ₹138 crore from a Haldwani resident, Parvinder Singh. This operation followed a raid prompted by an ongoing investigation conducted by US authorities into an international drug syndicate with suspected links to Singh.
ED, Dehradun conducted a searchon 01.05.2024 at the residence of Parvinder Singh s/o Surjeet Singh r/o Haldwani, Dist. Nainital, consequent to his arrest under the provisions PMLA, 2002. 268.2263 Bitcoins, equivalent value of Rs. 130.48 Crore (approx.) as on date were seized…
— ED (@dir_ed) May 4, 2024
Parvinder Singh was arrested by the ED at his residence in Haldwani, Uttarakhand, during a raid carried out in collaboration with US investigators. The raid was a crucial step toward uncovering Singh’s alleged role in an international drug operation, as reported by the Economic Times on April 27. Following his arrest, Singh was taken into ED custody for further interrogation, which led to the recovery of 268 bitcoins.
According to a senior ED official who spoke on condition of anonymity, Singh and his accomplices were suspected of utilizing dark web vendor sites and a network of drug distributors to sell illicit substances across the USA, UK, and several European countries. The proceeds from these activities were then laundered through various cryptocurrency transactions, complicating the efforts to track the illegal funds.
US authorities, working in tandem with the ED, have already seized additional bitcoins valued at significant sums in relation to the same investigation. The US probe targets Parvinder Singh and Banmeet Singh, both residents of Haldwani, for their suspected roles in operating ‘The Singh Organisation,’ an international drug trafficking group. This group is believed to have used dark web platforms like ‘SILK ROAD 1’, AlphaBay, and Hansa, along with an extensive network of drug distributors to execute their illegal activities.
The investigation into ‘The Singh Organisation’ involved meticulous tracking of transactions on dark web markets and a thorough examination of email communications. It revealed that the organization received approximately 8,488 bitcoins under various aliases, indicating the scale of the drug trafficking and money laundering operation.
The seizure of 268 bitcoins by the ED marks a substantial step in the efforts to dismantle international drug trafficking networks. Authorities on both sides of the investigation are continuing to work collaboratively to uncover the full extent of the operation and ensure those involved are brought to justice.
Stay tuned for more updates as this complex investigation unfolds and the ED, in cooperation with US authorities, seeks to unravel the web of illegal activities spanning multiple countries and dark web platforms.
I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.
