- India’s Financial Intelligence Unit suspects cryptocurrencies are used for various felonious activities
- The report was prepared during the 2023-2024 financial year after analyzing countless questionable transaction reports
- Shady pump and dump schemes were also present
Findings from India’s Financial Intelligence Unit (FIU) indicate suspicions that cryptocurrencies are being used for illicit activities, including terrorism financing, cybercrime, narcotics trafficking, and illegal betting.
Prepared during the 2023-2024 financial year, the FIU’s report for virtual digital assets (VDAs) and their service providers (such as crypto exchanges) analyzed numerous suspicious transaction reports (STRs) from the sector.
These findings have been shared with agencies like the Enforcement Directorate (ED), Central Bureau of Investigation (CBI), and the Income-Tax Department, ultimately leading to enforcement actions in certain cases.
The report also mentions shady pump and dump schemes with fake coins, high-volume crypto transactions in illegal forex apps, and attempts to involve individuals suspected of unlawful activities.
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