#Cryptocurrency vendor sentenced to 121 months#
Hot Topic Overview
Overview
The U.S. Department of Justice recently announced that Anurag Pramod Murarka, an Indian national and international virtual currency exchanger, has been sentenced to 121 months in prison for conspiracy to commit money laundering. Murarka laundered over $20 million for criminals involved in hacking and drug trafficking by soliciting customers through dark web advertisements and facilitating the transfer of illicit funds using cryptocurrency. He operated an international money laundering business, converting his customers’ cryptocurrency into cash through complex pre-arranged Indian Hawala operations, and delivering the cash to customers through a network of employees. Murarka charged fees for his services, using some of the proceeds to bribe employees and co-conspirators. Despite knowing that many of his clients were involved in criminal activities, he continued to provide them with money laundering services, helping to obscure the source of their illicit activities.
Ace Hot Topic Analysis
Analysis
The United States Department of Justice sentenced Anurag Pramod Murarka, an Indian national and international virtual currency exchange operator, to 121 months in prison for conspiracy to commit money laundering. Murarka used dark web advertisements to solicit clients, facilitating illegal money transfers through cryptocurrency for over $20 million in money laundering for criminals, including hackers and drug traffickers. Murarka’s money laundering operation ran from April 2021 to September 29, 2023. He advertised his services on dark web marketplaces and communicated with clients via encrypted messaging to negotiate exchange rates. After clients sent cryptocurrency to designated addresses, Murarka arranged cash deliveries to employees in the U.S. through complex Indian Hawala operations. Murarka’s network of employees spanned the U.S. and overseas, collecting cash and packaging it in various ways for mailing to clients. Murarka charged fees for his services, paying a portion to bribe employees and co-conspirators. He knowingly served clients engaged in criminal activities, including computer hacking and drug trafficking, making his business a facilitator of criminal activity by concealing the source of illegal proceeds.