Indian authority uncovers large-scale cryptocurrency and hawala operation, arrests key player

India’s Enforcement Directorate (ED) has arrested Mandeep Magu under the Prevention of Money Laundering Act (PMLA), 2002, in connection with an “illegal foreign remittance case” related to cryptocurrency. The investigation revealed that a Delhi-based company sold cryptocurrencies worth more than Rs. 1,858 crore ($223 million) on cryptocurrency exchanges and made foreign remittances exceeding Rs. 3500 Crores. […]