• Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
Sunday, May 22, 2022
No Result
View All Result
SUBSCRIBE
The Outlooker
27 °c
Delhi
  • Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
  • Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
No Result
View All Result
The Outlooker
No Result
View All Result
  • National
  • Politics
  • Opinion
  • Business
  • Science
  • World
  • Health
Home National

Enforcement Directorate Arrests Cryptocurrency Trader In Chinese Online Betting Scam Case

by The Outlooker Web Desk
December 11, 2020
in National
0
Autorickshaw Driver Arrested For Dragging Maharashtra Cop On Road
1.8k
SHARES
12.9k
VIEWS
Share on FacebookShare on Twitter

ED said, “Kothari had purchased USDT cryptocurrency on behalf of an accused company.” (Representational)

New Delhi:

The Enforcement Directorate (ED) has arrested a cryptocurrency trader in connection with its money laundering probe linked to an online Chinese betting scam case that is estimated to be over Rs 1,100 crore, the central agency said on Friday.

It said Naisar Kothari, a resident of Bhavnagar in Gujarat, was arrested under sections of the Prevention of Money Laundering Act (PMLA) and he has been sent to the ED custody till December 22 by a court.

The case came to light after the agency conducted multiple raids across the country in August at the registered offices of some companies, their directors and chartered accountants who were stated to be involved in illegally running online betting apps on websites which are hosted from outside India and some Chinese nationals operated them.

The agency, in a statement, said “Kothari had purchased USDT cryptocurrency on behalf of an accused company and had transferred them to unknown wallets on foreign exchanges.”

“It was found that Kothari had knowingly and actively involved himself in layering the proceeds of crime and hence he was arrested…,” it said.

The ED’s PMLA case is based on a Telangana Police FIR that was filed against Dokypay Technology Private Limited, Linkyun Technolgy Private Limited and others and the police had also arrested 3 people including a Chinese national.

The three were later arrested by the ED too under criminal sections of the anti-money laundering law.

The police case was filed after a person lodged a complaint that he had lost money by investing in a betting app (application).

Newsbeep

“Subsequent investigation revealed that apart from providing payment aggregator re-seller services to banned apps in India, these Chinese-owned companies were indulging in international hawala and illegal activities,” the ED claimed.

“Login credentials and dongles for HSBC bank accounts and payment aggregators like Paytm, Cashfree, Razorpay etc were shipped to China and were being operated from there,” the agency claimed.

The agency detected that “large amount of money was being inexplicably transferred to some cryptocurrency traders based in Bhavnagar” that included Kothari.

It had earlier said that these companies moved crores of funds across the shores by using “lax regulatory” mechanism of online wallets.

“Initially, dummy Indian directors were used to incorporate the companies and after some time Chinese nationals travelled to India and took directorship in these companies,” it had said.

The agency, after conducting the raids, had said it found some locals were hired and “used to open bank accounts with HSBC Bank and open trade accounts with online wallets namely Paytm, Cashfree, Razorpay, etc.”

The agency had alleged in a statement that these “online wallets had lax due diligence mechanisms and their non-reporting of suspicious transactions to the regulatory authorities helped the accused companies to launch pan-India operations.”

The Outlooker Web Desk

The Outlooker Web Desk

Next Post
Every Child Has Right To Be In Company Of Both Parents: Allahabad High Court

Every Child Has Right To Be In Company Of Both Parents: Allahabad High Court

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Petrol to now cost Rs 97.17 per litre, diesel Rs 89.74 in Goa after central excise duty cut
Business

Petrol to now cost Rs 97.17 per litre, diesel Rs 89.74 in Goa after central excise duty cut

May 22, 2022
QUAD Summit 2022: “Quad Summit…An Opportunity To Review Progress”: PM Modi
National

QUAD Summit 2022: “Quad Summit…An Opportunity To Review Progress”: PM Modi

May 22, 2022
‘Stop these pretensions’, Uddhav Thackeray on fuel price cut
Politics

‘Stop these pretensions’, Uddhav Thackeray on fuel price cut

May 22, 2022
What Petroleum Minister Said On Fuel Prices Cut, Subsidy On Gas Cylinders
National

What Petroleum Minister Said On Fuel Prices Cut, Subsidy On Gas Cylinders

May 22, 2022

Connect with us

No Result
View All Result

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020

Category

  • Artistic
  • Business
  • Crypto
  • Design
  • Entertainment
  • Fashion
  • featured
  • Food
  • Gaming
  • Health
  • Human
  • Lifestyle
  • Movie
  • Music
  • National
  • Opinion
  • Politics
  • Science
  • Spaces
  • Sports
  • Tech
  • Travel
  • Uncategorized
  • World

Recent Posts

  • Petrol to now cost Rs 97.17 per litre, diesel Rs 89.74 in Goa after central excise duty cut
  • QUAD Summit 2022: “Quad Summit…An Opportunity To Review Progress”: PM Modi
  • ‘Stop these pretensions’, Uddhav Thackeray on fuel price cut

About Us

The Outlooker

The Outlooker is your source of authentic, hand-picked news, stories, analysis from India & the World.

  • Terms Of Service
  • Privacy Policy
  • About us
  • Submit your story
  • Contact

© 2019-2021 The Outlooker. All rights reserved.

No Result
View All Result
  • Home
  • Politics
  • World
  • Business
  • Science
  • National
  • Entertainment
  • Gaming
  • Movie
  • Music
  • Sports
  • Fashion
  • Lifestyle
  • Travel
  • Tech
  • Health
  • Food

© 2019-2021 The Outlooker. All rights reserved.