Cracking Down on Crypto Crimes: Government Tightens the Noose

The Indian Enforcement Directorate has attached Rs 4,189.89 crore in crypto-related crimes, marking a significant step under the anti-money laundering law. Aided by the Central Board of Direct Taxes, undisclosed income from virtual digital assets was detected, reflecting the government's rigorous monitoring efforts in the crypto sector.

The Indian government is intensifying its crackdown on crypto-related crimes, with the Enforcement Directorate seizing assets worth Rs 4,189.89 crore under anti-money laundering laws. A suspect involved in these activities has been declared a Fugitive Economic Offender, sources in Parliament revealed on Monday.

The Central Board of Direct Taxes (CBDT) also uncovered undisclosed cryptocurrency income amounting to Rs 888.82 crore through search operations. In response, 44,057 communications were sent to potential tax evaders who failed to report their virtual digital asset transactions in their tax filings.

Minister of State for Finance Pankaj Chaudhary reaffirmed the need for international cooperation to regulate crypto assets effectively, considering their borderless nature. The government is prioritizing capacity-building to enhance oversight and mitigate risks associated with unregulated digital currencies.

(With inputs from agencies.)