Ahmedabad: Two more held in Rs 226cr crypto-terror funding case

Ahmedabad: The Cyber Centre of Excellence of the Gujarat Police has arrested two more accused in connection with a suspected cryptocurrency network involving transactions exceeding Rs 226 crore that investigators claim was linked to terror financing, global narcotics trafficking and dark web-based financial operations, officers said on Friday.

Officials said the arrests were carried out as part of an ongoing investigation into terror funding through cryptocurrency channels. Earlier, 10 accused were arrested during the course of the probe. The fresh arrests followed technical analysis and human intelligence inputs collected by multiple teams formed to examine the surge in cybercrime-related offences.

According to police, blockchain analysis conducted by the Cyber Centre of Excellence’s technical unit uncovered a large international financial network allegedly engaged in laundering proceeds generated through dark web narcotics trade and facilitating monetary transactions connected to terrorist organisations.

During the investigation, officials examined cryptocurrency wallets allegedly operated using the KYC credentials of one Sabbir Ali Sarani. Police found that his son, Hadiraja Sarani, 23, and his associate, Mohmand Zamin Abbasali Jigar, 36, allegedly gained access to the KYC details and created a Binance wallet in Sabbir’s name. Both accused are residents of Bhavnagar.

Police alleged that the accused received 5,000 USDT, described by investigators as “dirty crypto”, through layered transactions originating from entities identified during the probe, including wallets allegedly associated with sanctioned networks. The funds were allegedly routed and converted to enable unlawful financial activity.

The accused have been booked under Sections 111(2)(B), 153 and 61 of the Bharatiya Nyaya Sanhita, 2023, along with Sections 66(C) and 66(D) of the Information Technology Act, 2000. The charges pertain to criminal conspiracy, organised crime, identity-related cyber offences and alleged assistance to unlawful financial channels.