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Cryptocurrency Used in Illicit Online Activities, Investigators Reveal
The Central Bureau of Investigation (CBI) has arrested a cybercriminal and seized digital assets worth ₹2.8 crore. The seized assets were primarily held in various cryptocurrencies, including Bitcoin and Ethereum, pointing to the growing use of digital currencies in illicit online activities.
According to the CBI, the accused was involved in a series of sophisticated cyber frauds, including phishing, identity theft, and illegal access to banking platforms. The criminal reportedly used malware and phishing links to gain unauthorized access to confidential information, leading to the siphoning of funds from unsuspecting victims across different regions.
The agency’s cybercrime unit tracked the movement of digital funds through blockchain analysis, enabling it to freeze the wallet addresses and take control of the assets. The arrested individual was operating out of multiple locations and maintained a complex digital footprint to evade detection.
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Digital Forensics Led to Major Breakthrough in Investigation
Officials stated that this case marks one of the more successful recoveries involving digital currencies in India. The forensic tracing of blockchain transactions played a pivotal role in identifying the accused and locating the stolen assets.
The investigation also revealed the use of crypto mixers and overseas wallets to obscure transaction trails. Despite such obfuscation techniques, the CBI, in coordination with crypto forensic experts and international law enforcement partners, managed to identify the key wallet addresses used for storing illicit proceeds.
The arrested individual has been booked under relevant sections of the Indian Penal Code (IPC), the Information Technology Act, and provisions under the Prevention of Money Laundering Act (PMLA).
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Officials emphasized the need for regulatory oversight and stronger mechanisms to trace and freeze digital assets in real time. The agency reiterated its commitment to curbing the misuse of cryptocurrency platforms for criminal purposes and warned others engaged in similar practices of stern action.
Further investigations are ongoing to uncover any larger syndicate or network associated with the arrested individual.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.
