Mumbai: In the ₹225 crore cryptocurrency racket allegedly linked to terror funding, the dark web, and narcotics trafficking unearthed in Gujarat, nine persons have been arrested, including Zeeshan Motiwala from Mumbai.
According to the cybercrime police, six accused, including Motiwala, allegedly entered into a criminal conspiracy and carried out multiple cryptocurrency transactions. Investigators claimed that Motiwala’s Binance wallet was linked to 57 bank accounts, with transactions amounting to USD 2,355,393.
The agency alleged that the accused converted “dirty” cryptocurrency into USDT and routed the funds through various channels to allegedly reach terrorist organisations.
During the probe, officials traced transactions worth Rs226.54 crore through seized crypto wallets and are now attempting to identify additional wallets and cryptocurrency networks linked to the group.
Investigators said the funds, suspected to be connected to terrorist activities, drug trafficking, smuggling, cybercrime, and other illegal operations, were internally transferred between wallets operated by the accused.
The agency further claimed that some wallets were linked to financial transaction chains associated with Hamas and the Dubai Company for Exchange, entities designated by Israel as terror-linked organisations.
Officials also stated that analysis of the Binance wallets revealed links to Abacus Market, a dark web marketplace allegedly used for criminal activities. The accused are also suspected to have used Monero wallets to conceal fund trails.
Officials found that the wallets were connected to several bank accounts allegedly used to receive proceeds from cyber frauds. According to the agency, at least 935 complaints of cheating and fraud have been linked to these accounts.
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