Скачать или смотреть Indian Security Agencies Flag ‘Crypto Hawala’ Network for Terror

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Terror Funding

The untraceable crypto hawala funds bypass the financial safeguards, operating entirely off the grid.

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Sujha Sundararajan

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Sujha Sundararajan

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Jun 2023

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A new sophisticated ‘crypto hawala’ network, mirroring the traditional hawala system, is reportedly being used to funnel funds to support terrorist activities in Jammu and Kashmir, Indian security officials warn on Sunday.

According to the Press Trust of India, the shadow foreign funds bypass the financial safeguards, operating entirely off the grid.

Under Indian regulations, Virtual Digital Asset Service Providers are required to register with the Financial Intelligence Unit (FIU). From the 2024-25 fiscal year, only 49 exchanges have registered as legal reporting entities.

The untraceable crypto hawala has sparked serious concerns, with officials warning that it would revive separatist elements in the region.

Crypto Hawala Uses ‘Mule Accounts’ for ‘Parking’ Funds.

The network uses “mule accounts” to temporarily park funds. These accounts layer transactions to obscure the money trail. Further, the syndicates behind the network pay a commission of 0.8 to 1.8 per cent per transaction for such account holders who are generally ordinary people, the officials added.

The syndicates lure these account holders with a promise of commissions, assuring them that their role is safe and is merely to park funds. They then handle the bank accounts and passwords of all mule account holders.

“This effectively ‘breaks the financial trail,’ allowing foreign money to enter the local economy as untraceable cash,” officials said.

The foreign handler sends cryptos directly to these wallets without involving a regulatory financial institution. Further, the wallet holder travels to major Indian cities like Delhi and Mumbai to meet unregulated peer-to-peer (P2P) traders to sell cryptos at negotiable prices.

According to the Jammu and Kashmir Police and central security agencies, people from countries including China, Malaysia, Myanmar and Cambodia have involved in creating private crypto accounts for local Indian people. These international handlers use a Virtual Private Network (VPN) to avoid detection and require no KYC verification.

Usage of VPNs is already suspended in the region, the police confirmed, adding that registering in crypto wallets was increasingly seen in recent times.

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