10 months ago
27 Crypto Exchanges Under MHA Scanner in Rs 623-Crore Laundering Case
The Indian government is investigating 27 cryptocurrency exchanges for their suspected role in a Rs 623-crore money laundering scheme.
The scammers tricked people into investing in fake apps, then converted their money into digital assets and hid the trail.
The Home Ministry is now checking if these exchanges helped the scammers and if they followed proper security rules.
27 crypto exchanges flagged in Rs 623-crore money laundering case
Funds siphoned from 2872 victims over 21 months
Money layered through multiple wallets and exchanges
MHA shares list with enforcement agencies and FIU
Exchanges deny complicity, cite strict security protocols
- Who
- 27 cryptocurrency exchanges, 2872 victims, MHA, I4C, ED, FIU
- What
- Investigation into Rs 623-crore money laundering case
- Where
- India
- When
- January 2024 to September 2025
- Why
- To launder money and evade detection
Exchanges' Stance
Investigators' Stance
Exchanges' Role
Exchanges' Stance
Exchanges deny complicity, stating they only facilitate lawful trade
Investigators' Stance
Investigators probe if exchanges acted as 'crypto mules' or failed in KYC processes
Key facts
- Total amount involved
- Rs 623 crore
- Number of victims
- 2872
- Duration of the scam
- 21 months
- Number of exchanges flagged
- 27
- Agencies involved
- MHA, I4C, ED, FIU
Quotes
A national daily
The source of the investigation
“An investigation has laid bare that India has a thriving crypto underworld.”
telegraphindia.com
“Cryptocurrency exchanges have been used by cyber-fraud networks to move hundreds of crores through Indian mule accounts, over-the-counter traders, and anonymous digital wallets.”
telegraphindia.com
The government
The ruling administration of India
“The government’s belief that non-recognition keeps the sector small is outdated.”
telegraphindia.com
“Non-recognition simply ensures that it grows in ways that are hard to supervise but easy to exploit.”
telegraphindia.com
Reserve Bank of India
The central bank of India
“such virtual currencies could lead to money laundering, tax evasion, and fraud due to the untraceable nature and the difficulty in evaluating the taxability of the transaction.”
telegraphindia.com
