4 Arrested As Madhya Pradesh Police Bust Crypto Racket With Pakistan Link

"The accused used to create fake companies in the name of Indians and deposit the money they got through frauds in current accounts of these fake or shell companies," a senior official said.

The Madhya Pradesh police's cyber crime cell has arrested four persons in connection with an international racket involved in sending money to Pakistan through crypto currency using shell companies, a senior official said on Tuesday. Investigations so far have revealed that the accused had carried out transactions worth Rs 50 crore, additional director general of police (ADGP) Yogesh Choudhary said. The matter came to light during a probe into an online fraud worth Rs 1 crore involving a Bhopal-based businessman, he said. "The accused used to create fake companies in the name of Indians and deposit the money they got through frauds in current accounts of these fake or shell companies. They would later transfer the money to Pakistan through international crypto exchange after converting it into crypto currency," the official said.