Cryptocurrencies face a lot of criticism because of the lack of rules and regulations. A cryptocurrency is a form of digital currency which offers people the option of investment. The regulation by any authority is still to be executed. Recently, as per the records of Kerala police, they have arrested four individuals who were engaged in the money laundering of huge cryptocurrency investments. This whole money laundering case involved a huge amount of a hundred crores.
Kerala police reportedly cracked a money laundering case involving a huge amount
The whole fraud was formulated by making a fake company and fooling people. The customers were transferred false information and asked for money using cryptocurrency as a medium of investment. More than forty crores were found in the account of the person who was arrested by the Kerala police and thirty-two crores were found in the account of another individual. As per the Kerala Police, the people who were arrested under the money laundering were carrying out these activities for a very long time.
Money laundering cases and chaos of several other frauds
The other crime branches involved in the investigation of such money laundering and fraud cases have also come across cases that involve the trade of cryptocurrency. The major drawback of investing in such cases is that there is no record of any transaction or presence of any authority which will guide the investigating authorities to track the fraud. Therefore, the future of cryptocurrency and its trade is yet to be explored.
