Jaipur. In a significant crackdown on financial crime, Jaipur West police have dismantled an international syndicate involved in money laundering through cryptocurrency and illicit banking channels. Under the guidance of Deputy Commissioner of Police Prashant Kiran, law enforcement officials apprehended the primary suspect, Vikas Dhaka, following a targeted operation in the Vaishali Nagar area. Authorities estimate that the network facilitated transactions totaling approximately 24 crore rupees in USDT over the past two years, with strong indications of connections to hawala operators based in Dubai.
The investigation began after intelligence reports suggested that the suspect was operating from a flat in Nemi Sagar Colony. A specialized team, led by Vaishali Nagar Station House Officer Arvind Singh and District Special Team head Ganesh Sain, executed a raid that resulted in the arrest of Dhaka, a resident of Sikar. Preliminary findings indicate that the suspect had recently relocated to Jaipur with the intention of scaling his operations by establishing a wider network of fraudulent merchant accounts.
The syndicate employed a deceptive method to facilitate their illegal activities, targeting vulnerable laborers working in resorts and restaurants across Jaisalmer and Sikar. By offering financial incentives, the group obtained identity documents from these individuals to open unauthorized bank accounts and payment bank profiles. These accounts, along with merchant QR codes, were subsequently sold to cybercriminals and illegal gambling platforms for a substantial commission, serving as conduits for illicit funds.
Once the proceeds from cyber fraud and betting were deposited into these accounts, the syndicate converted the currency into Tether, a stablecoin, to obscure the money trail. This digital currency was then funneled through Dubai-based hawala networks, effectively laundering the money before reintroducing it into the Indian financial system. The police operation successfully seized nine mobile phones, eight Fino Payment Bank debit card kits, and various scanning tools.
Currently, technical experts are conducting a forensic analysis of the recovered digital devices to map out the full extent of the syndicate. Investigators are scrutinizing Telegram communications, digital wallet keys, and transaction logs to identify other agents involved in the scheme. As the inquiry progresses, police aim to uncover the total number of accounts compromised and the precise volume of funds diverted abroad, marking a major step in curbing organized cyber-financial crime in the region.
