FBI Arrests Indian Group For Converting Crypto to Cash
FBI arrests Indian group for secretly turning digital money into $15 million cash, breaking US rules.
The FBI caught a group of Indians turning cryptocurrency into cash secretly. Five out of six were arrested on October 17th for running this illegal cash business.
Those caught include Raju Patel, Brijeshkumar Patel, Hirenkumar Patel, Naineshkumar Patel, Nileshkumar Patel, and Shaileshkumar Goyani. Goyani's lawyer says the charges against him are not yet proven and will plead not guilty if needed.
The group gave cash to a partner who used dark websites and online exchanges. In return, they got Bitcoin and other digital money. They sent the cash by mail in the U.S.
The FBI found out about their activities after catching someone mailing money for them in New York. This person then helped the FBI as a secret source.
With the help of this source, the FBI tracked about 80 cash pickups totaling around $15 million made by the group.
FBI's Lawrence Lonergan said their business broke many laws. Without registering with FinCEN, they hid large cash movements and acted like a secret bank. This way, they avoided government checks meant to keep the U.S. money system safe.
