The world of crypto currency has fascinated this new generation for some time now. Crypto exchange is lucrative and many people see it as an easy way of earning big. However, due to lack of regulations, a huge part of crypto exchange falls under a gray area. People have been duped and scamsters have made millions in this business. Five Indian origin Americans have been accused of laundering $30 million through illegal crypto exchange.
The investigation has revealed alleged involvement of these five people in running a Bitcoin exchange platform which violated all legal frameworks and policies. This has been going on for years and the FBI first got to know about this in 2021. The accused ran a system of exchange providing cash in return of Bitcoin using the U.S. Postal Service. The FBI has been investigating ever since and even had an undercover agent working who partake in several of these cash exchanges.
The Southern District of New York is currently prosecuting the case. The total money laundered by the group is believed to be in excess of $30 million. This operation spanned several states outside New York as well including New Jersey, Pennsylvania, South Carolina, Massachusetts and Georgia.
