#Indian Police Busts $31.5 Million Crypto Syndicate

#Investigation Uncovers International Cryptocurrency Syndicate

In a major crackdown on cyber-enabled financial crimes, the Cyber Centre of Excellence (CCoE) of CID Crime, Gandhinagar, has dismantled an international cryptocurrency syndicate. The network was allegedly operating on the Dark Web for narcotics distribution, money laundering, and financing designated international terrorist organizations. Nine accused have been arrested in connection with the case.

#Details of the Investigation

According to investigators, the probe began after authorities traced suspicious cryptocurrency transactions linked to a online narcotics shop identified as “ARTEMISLAB.CC” to a crypto wallet belonging to Ahmedabad resident Mohsin Sadiq Molani. Detailed technical analysis later revealed financial links with several other cryptocurrency users across India, exposing a wider network.

#Use of Anonymous Cryptocurrencies

Police said the syndicate allegedly used anonymous cryptocurrencies such as Monero, worth around $270,000, to conceal financial trails and evade law enforcement scrutiny. Investigators claim these digital assets were used extensively for dark web activities and illicit international fund transfers.

#Terror Financing Links

The investigation also uncovered alleged terror financing links. Officials stated that one of the wallets linked to accused Mohammed Zuber Popatiya had previously been frozen in 2025 by Israel’s National Bureau for Counter Terror Financing (NBCTF). The wallet reportedly had transaction links with a Dubai-based entity allegedly associated with the Hamas terror network.

#International Connections

Investigators further claimed that the syndicate received funds from several entities sanctioned internationally, including:

• Yemen’s Houthi group
• Iran’s IRGC-QF
• Russia-based exchange Garantex
• Wallets connected with the Ilan Shor network

#Narcotics Trafficking Operation

During the investigation, officials also uncovered evidence of an alleged narcotics trafficking operation in the United Kingdom. According to police, Molani procured drug orders through Telegram and online channels before forwarding them to Dubai-based accused Mohammed Zuber Popatiya, who allegedly managed supplies through a UK network.

#Financial Transactions

The CID Crime said the total financial transaction volume traced in the case stood at approximately $31.5 million (₹226.54 crore). Among the accused, Mohammedzaid Abdulkaderbhai Siddi recorded the highest individual transaction volume at over $7.5 million.

#Charges and Investigation

A case has been registered under Sections 111(2)(B), 153, and 61 of the Bharatiya Nyaya Sanhita (BNS), along with Sections 66(C) and 66(D) of the Information Technology Act. Further investigation is underway.