Indian “crypto king” arrested by Narcotics Control Bureau – Wazirx doesn’t tell our user – Bitcoin News

The Indian Drug Control Bureau (NCB) has arrested a Mumbai resident known as the “Crypto King” who allegedly used Bitcoin to buy narcotics on the darknet. Indian cryptocurrency exchange Wazirx says the defendant is not one of its customers.

‘Crypto King’ arrested in India

A resident of Mumbai, Makarand Pardeep Adivirkar, also known as the “crypto king” in the country’s underground drug cycle, was arrested by the Indian Drug Control Bureau (NCB). He is said to have used Bitcoin to buy drugs on the dark web that were shipped to India from Europe.

Sameer Wankhede, director of the Mumbai unit of the NCB, said: “In November 2020 a team from the NCB Mumbai had confiscated 20 blobs of LSD from the village of Kharodi in Malad,” reported local media. The director was further quoted as saying:

The seized psychotropic substance was bought from a drug dealer in Mumbai using Bitcoin from Europe.

“His modus operandi consisted of getting cash and providing bitcoins with marginal profits using his wallet, which was used to buy drugs from the darknet,” the NCB described.

Following reports that the crypto king may have used Indian cryptocurrency exchange Wazirx to facilitate his drug purchases, the exchange issued a statement clarifying that he is not its user. Wazirx tweeted: “On June 11, 2021, Wazirx had received an email from the NCB inquiring about the said defendant and his trading activities on Wazirx. Upon reviewing our records, we determined that the defendant is not a Wazirx user and reported this to the authorities on June 12, 2021. “

The exchange continued: “Nonetheless, we want to reiterate that Wazirx is following global best practices for KYC and AML compliance and has a robust transaction monitoring system in place. We do rigorous KYC verification of each user to verify their identity, as well as secondary KYC verification via linked users’ bank accounts before allowing a customer to act on Wazirx. ”The exchange emphasized:

We only allow KYC verified and whitelisted accounts to withdraw funds from our wallet.

What do you think of this case? Let us know in the comment section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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