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- Bangladesh’s extremist groups have been using bitcoin to fund Kashmir-based terrorist activities
- Militants also confirmed that the Gulf countries and Pakistan have also been doing the funding via bitcoin
- Bangladesh Law enforcement has attested two militants who received funding in bitcoin to carry Kashmir- based terrorism.
Terrorism funding is not a new word to the economies. In one of the recent incidents of terrorism funding, Bangladesh Police has revealed that the country’s extremist groups have been using bitcoin to fund Kashmir-based terrorist activities.
Two Militants arrested
The police have arrested two militants who have confessed to receiving funds through bitcoin. Terrorists have been getting funded by extremist groups via cryptocurrency since 2014. The Counter-Terrorism and Transactional Crime unit (CTTC) from the Dhaka Metropolitan Police have taken into custody two militants who belonged to the Ansar Al Islam group. It is one of the extremist groups to have developed in September 2019.
The two militants Awal Newaz was known by the name Sohel Newaz and Fazel Rabbi Chowdhury, who the Bangladesh Police have arrested, has informed the authorities that two militant groups Ansar Al Islam (Al) and Ansarullah Bangla Team (ABT), have been funding for Kashmir-based militants. These militants got the funds through bitcoin from 2014.
The militants also informed, they were collecting money through hundi. Since law enforcement surveillance was up and running in full swing, it wasn’t easy to continue to fund through hundi. Hence, they moved to bitcoin funding.
They have also confirmed that the Gulf countries and Pakistan have also been doing the funding via cryptocurrency, which they have received many times. The fundings were usually of large amounts.
Bangladesh Anti-terrorism officials
According to the Anti-terrorism officials from Bangladesh, cryptocurrency is playing a crucial role in terrorism funding. The financing in the region is totally now dependent on cryptocurrency. Moreover, it becomes tedious for the authorities to monitor bitcoin transactions. This is because they do not have advanced technical devices for monitoring.
Ahmed Ul Islam of the Special Action Group has also informed that it will be a big challenge for the law to a vigil on the transactions in cryptocurrency.
Bangladesh & Cryptocurrency
Bangladesh has banned cryptocurrency in the country. In December 2017, Bangladesh Bank issued a notice asking the public to stay away from virtual currency and any investment in it. The criminal investigation department is a specialized intelligence and investigation wing of the Bangladesh police. Dhaka Metropolitan Police and other police units have all tightened their grip to look for any virtual transactions happening in the country.
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