Archive · 20 Nov 2025
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
- When
- January 2024 to September 2025
- Where
- India
- 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
- 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
