Pakistani Trader Under Investigation for Money Laundering Millions Using Cryptocurrency

Named Danyal Farooq, the trader operated a large number bank accounts containing more than Rs. 870 million worth of transactions during the past three years

The FIA (Federal Investigation Agency) Khyber Pakhtunkhwa has started investigating the first cryptocurrency money laundering case in the province.

FIA revealed that the accused money launderer is named Danyal Farooq and was arrested last night after an FIR reporting massive transactions was lodged against him.

Reports suggest that accused Danyal operated a number of different bank accounts containing more than Rs. 870 million worth of transactions during the past three years. Out of the Rs 870 million, Rs. 437 million were in credit transactions and around Rs. 436 million in debit transactions.

When asked about the transaction after Danyal was first summoned by the FIA, he said that he was simply performing “general order supply” to a number of different retailers.

It was also revealed that Danyal ran an exchange business. This is because a lot of transactions were recorded where people used to deposit Pakistani rupees into the suspect’s bank accounts and get cryptocurrency in return. This exchange business was also not registered with the FBR.

According to orders by the SBP (State Bank of Pakistan), cryptocurrencies are banned in the country. According to the FIA, this makes all transactions made by the suspect illegal. FIA’s Deputy Director of Commercial Banking Circle, Afzal Khan also went on to say that accused Danyal was laundering money using cryptocurrencies.

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