#Cryptocurrency Provider Sentenced#
Hot Topic Overview
Overview
Recently, the U.S. Department of Justice sentenced Indian-born international virtual currency provider Anurag Pramod Mullack to 121 months in prison for conspiracy to commit money laundering. Mullack recruited clients through dark web advertisements to transfer illicit funds using cryptocurrencies, laundering over $20 million for criminals involved in hacking and drug trafficking. Mullack's money laundering operation involved advertising on the dark web, negotiating exchange rates with clients, receiving cryptocurrencies, delivering cash to U.S. employees through hawala operations, and charging fees for services. He knowingly provided money laundering services to clients engaged in criminal activity, and used a portion of the fees to bribe employees and co-conspirators.
Ace Hot Topic Analysis
Analysis
Recently, the U.S. Department of Justice announced that Anurag Pramod Murarka, an Indian national and international virtual currency exchange operator, was sentenced to 121 months in prison for conspiracy to commit money laundering. Murarka solicited customers through dark web advertisements and facilitated the transfer of illicit funds using cryptocurrency, laundering over $20 million for criminals involved in hacking and drug trafficking. Murarka’s money laundering operation ran from April 2021 until September 29, 2023. He advertised his money laundering services on dark web marketplaces, and clients contacted him through encrypted messaging to negotiate exchange rates. Once a rate was determined, Murarka instructed clients to send cryptocurrency to designated addresses, then arranged for cash delivery to his employees in the United States through complex Indian Hawala operations. Murarka had a network of employees across the United States and overseas who collected cash, packaged it in various ways, and mailed it to clients. Murarka charged a fee for his services, a portion of which he used to bribe employees and co-conspirators. He knew that many of his clients were engaged in criminal activities, including computer hacking and drug trafficking, so his business facilitated criminal activity by helping to obscure the source of illegal proceeds.