An international crime syndicate that siphoned money from ATM machines via cloned debit and credit cards was busted by authorities in India. Investigations revealed that the stolen cash was converted to bitcoin before being dispersed to members of the crime syndicate.
An international crime racket involving key members in India and the United Arab Emirates was busted by Indian authorities. The criminal activity saw cloned cards stealing money from ATMs in various locations across India, the Times of India reports.
Eventually, the stolen money was converted to bitcoin before being transferred to the kingpin of the operation in Dubai, where the alleged kingpin – ‘Sheikh’, swapped the bitcoins back to the local currency.
Incidentally, one of the accused members of the operation was the operations manager of a prominent bitcoin exchange in India.
The crime syndicate operated in several states across India by using the cloned cards to siphon money out of victims’ accounts. While investigating the crime, an early arrest revealed that the operators used over 20 cloned cards in