Following an alert by the Financial Intelligence Unit (FIU), the Enforcement Directorate (ED) and income Tax department are tracking the activities of three digital asset management companies over alleged involvement in illicit drug transactions worth Rs 28,000 crore, as per an Economic Times report.
The transactions by these companies, whose names have not been revealed, took place between 2019 and 2021.
"Digital currency was used to buy and sell drugs and some of these companies facilitated it," a senior government official told the publication.
"So far the agency has been able to track transactions worth Rs 28,000 crore,” the official said. ED is probing the laundering aspect of these companies in respect to the transactions and I-T department is probing tax evasion.
The FIU is closely tracking the transactions in digital currencies. About 200 digital currency transactions carried out in the Cayman Islands, the British Virgin Islands and Nigeria via exchanges located in India have been highlighted by the FIU.
Published 27 October 2022, 17:32 IST