#Cryptocurrency provider sentenced to 121 months#
Hot Topic Overview
Overview
The U.S. Department of Justice recently sentenced Anurag Pramod Mulkar, an Indian-born international virtual currency provider, to 121 months in prison for conspiracy to commit money laundering. Mulkar solicited customers through advertisements on the dark web and facilitated illegal funds transfers using cryptocurrency, laundering over $20 million for criminals involved in hacking and drug trafficking. Mulkar's money laundering operation functioned by having customers contact him through encrypted messages, negotiating exchange rates and sending cryptocurrency to designated addresses. Mulkar then used hawala operations to deliver cash to his U.S. employees, who would then package the cash and mail it to the customers. Mulkar charged a service fee and used a portion of the proceeds to bribe his 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 his role in a money laundering conspiracy. Murarka solicited clients through dark web advertisements and facilitated illegal money transfers using cryptocurrencies, laundering over $20 million for criminals involved in hacking and drug trafficking. From April 2021, Murarka ran an international money laundering operation, converting customers' cryptocurrencies into cash through complex hawala operations and sending the cash to customers through a network of employees. Murarka collected a service fee, using a portion of it to bribe employees and co-conspirators. He knew that many of his clients were involved in criminal activities, yet continued to provide money laundering services for them, facilitating their criminal activities. This incident serves as a reminder of the money laundering risks associated with cryptocurrency transactions and the need for increased regulation to prevent criminals from using cryptocurrencies for illegal activities.