The Cyber Centre of Excellence of the Gujarat Police has arrested two additional individuals in connection with a suspected cryptocurrency network involving transactions exceeding Rs 226 crore. Investigators allege the network is linked to terror financing, global narcotics trafficking, and dark web-based financial operations, officers confirmed on Friday.
Ongoing Investigation into Terror Funding
Officials stated that these arrests are part of a broader probe into terror funding through cryptocurrency channels. Previously, 10 accused were taken into custody. The latest arrests were made following technical analysis and human intelligence inputs gathered by multiple teams tasked with addressing the surge in cybercrime-related offenses.
Blockchain Analysis Reveals International Network
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 from dark web narcotics trade and facilitating monetary transactions linked to terrorist organizations.
Details of the Arrests
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 accessed 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.
Legal Charges
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 include criminal conspiracy, organized crime, identity-related cyber offenses, and alleged assistance to unlawful financial channels.
