Rs 100-crore money laundering racket via crypto scheme busted

The Kerala police on Monday said they have busted a racket involved in money-laundering through cryptocurrency deals and arrested four people.

Senior Kannur city police officer P P Sadanandan said Muhammed Riyas, C Shafeeque, Munavvarali and Muhammed Shafeeque have been arrested by police on the charge of embezzling crores of rupees from investors in connection with the cryptocurrency deal.

Nishad, the kingpin of the racket, is absconding, police said.

Sadanandan, the Assistant Commissioner of Kannur, said the accused allegedly raised crores rupees through an online website created in the name of a fake company formed in Bengaluru and raised around Rs 100 crore from their customers by falsely promising them a dividend of two to eight per cent per day in cryptocurrency.