Cryoto Currency

Indian Minister Warning About Crypto-Fueled Drug Trafficking


Indian Minister Warns against Crypto-Fueled Drug Traficking
  • Amit Shah, Indian Finance Minister, warns about increased drug trafficking via crypto.
  • Three digital asset management companies under investigation
  • India’s FIU cracks down on 200 illicit crypto transactions worth $3.2 billion.

India’s Union Home Minister Amit Shah has raised concerns over the rise in drug smuggling through the dark web utilizing cryptocurrencies. The comments were made Wednesday at a regional summit on drugs trafficking and national security in India.

Shah said that the illegal money generated from the drug trade feeds terrorist financing. He stressed the need for all federal and state authorities to work together to prevent terrorist financing and keep young people safe.

He stated that India faces several key drug smuggling issues, including the rise of heroin smuggling via sea routes from the west coast, the illegal production of drugs such as opium and poppy and the use of couriers to ship the drugs.

The Financial Intelligence Unit in India (FIU), has raised alarm about the involvement in illegal drug transactions worth Rs 28,000 crore (Approx. $3.3 billion). This prompted the Investigation Directorate and the Income Tax Department to investigate.

“Digital currency was used to buy and sell drugs, and some of these companies facilitated it…So far the agency has been able to track transactions worth Rs 28,000 crore,” an official told local media outlet the Economic Times.

The FIU has tracked over 200 transactions that were made in Nigeria, Cayman Islands, British Virgin Islands. According to the study, the transactions were made through Indian cryptocurrency exchanges. According to reports, the transactions occurred between 2019-2021.

The news follows numerous drug traffickers detained by the Hyderabad Narcotics Enforcement Wing, the Indian state of Hyderabad’s drug enforcement agency, a few days earlier for allegedly doing business on the Dark Web using cryptocurrency.

In the meantime, Nirmala Sitharaman, Finance Minister, recently visited the United States to present a compelling argument in favor of worldwide regulation of cryptocurrency to lower the risk for money laundering, drug trafficking and terror funding.

Coin Edition’s first article was entitled “Indian Minister Warns against Crypto-Fueled Drug Trafficking”

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