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Kannur (Kerala), Nov 8 (PTI):The Kerala police on Monday said they have busted a racket involved in money-laundering through cryptocurrency deals and arrested four people.<\/p>\n
Senior Kannur city police officer P P Sadanandan said Muhammed Riyas, C Shafeeque, Munavvarali and Muhammed Shafeeque have been arrested by police on the charge of embezzling crores of rupees from investors in connection with the cryptocurrency deal.<\/p>\n
Nishad, the kingpin of the racket, is absconding, police said.<\/p>\n
Sadanandan, the Assistant Commissioner of Kannur, said the accused allegedly raised crores rupees through an online website created in the name of a fake company formed in Bengaluru and raised around Rs 100 crore from their customers by falsely promising them a dividend of two to eight per cent per day in cryptocurrency.<\/p>\n
The police said around Rs 40 crore was found transacted through the account of one of the arrested and Rs 32 crore through the account of another.<\/p>\n
The accused, after carrying out the transactions with their customers, allegedly transferred the rest of the huge funds into the account of Nishad, police said.<\/p>\n
The crime branch wing of the Kerala police, which is investigating into a similar case in Malappuram district, had recently frozen Nishad’s bank account with Rs 34 crore, police said.<\/p>\n
Nishad was earlier arrested by police in Malappuram in connection with the money-laundering but he went absconding soon after securing bail, the police said.<\/p>\n
He is said to be in the Middle-East, a senior police officer told PTI.<\/p>\n
So far, only one complaint has been received from Kannur district, the police added.<\/p>\n
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Kannur (Kerala), Nov 8 (PTI):The Kerala police on Monday said they have busted a racket involved in money-laundering through cryptocurrency deals and arrested four people. Senior Kannur city police officer P P Sadanandan said Muhammed Riyas, C Shafeeque, Munavvarali and Muhammed Shafeeque have been arrested by police on the charge of embezzling crores of rupees […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-176284","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-national"},"_links":{"self":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/176284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/comments?post=176284"}],"version-history":[{"count":0,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/176284\/revisions"}],"wp:attachment":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/media?parent=176284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/categories?post=176284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/tags?post=176284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}