Police in Punjab are investigating their first ever case involving Bitcoin. Unfortunately, it also involves financial fraud data being purchased on the darknet.
A group of four, two Punjab residents and two residence of the US stole Rs 1.2-crore worth of US Dollars using stole credit card data bought on darknet. Bitcoin was used to buy the information they used, as well as sharing in the stolen funds between all four involved.
Baljit Singh and his partner Amritpal Singn, both 27 years old, were arrested in Jalandhar last week. From December 2014 to February 2015 the pair scored $500 each from over 400 transactions between relatives and friends living in the US using Western Union.
“Western Union is a US bases money transfer company with hundreds of agents in Punjab. Its prime agent is the state, Paul Merchants, was the first to raise a red flag over these transactions,” the Inspector General of the Financial Intelligence Unit of the Punjab Police, Ananya Gautam said.
Baljit said that he had been traveling to and from the United States with is Uncle since 2003. In his teens he came into contact with a Nigerian National named Olumu, who was orchestrating fraud related crimes at