ED arrests e-currency merchant 

HYDERABAD: The Enforcement Directorate (ED) arrested cryptocurrency trader Naisar Kothari, who is accused of running an online betting scam and an international hawala racket of over `1,100 crore. 

Three people, including one Chinese national, were arrested earlier in this case and a chargesheet had been filed against them in the PMLA Court. Naisar was also arrested earlier by the Hyderabad cybercrime wing. 

The ED has initiated a probe against Linkyun Technology Private Limited and Dokypay Private Limited for violations under the Prevention of Money Laundering Act (PMLA), 2002. It was revealed that in addition to providing payment aggregator re-seller services to banned apps in India, these Chinese-owned firms were indulging in international hawala trading. 

Further investigation of money trail revealed that a large amount of money was being transferred to a few cryptocurrency traders based in Bhavnagar.

It was later found out that Naisar had purchased USDT cryptocurrency on behalf of the accused company and had transferred them to wallets on foreign exchanges.