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- 1 The US Department of Justice exposed the drug scam and admitted Banmeet Singh for running a dark web conspiracy.
- 2 The scam includes forfeiture of over $150 Million worth of BTC (8,100 BTC).
On Friday, The US Department of Justice (DOJ) uncovered one of the biggest drug scams running over the dark web. A British narcotics trafficker indulged in the United States Drug Enforcement Agency’s (DEA) admitted to operating a network of dark web marketplaces. 40-year-old Banmeet Singh is exposed as the main culprit in the scam.
The Dark Web Drug Operation Exposes
An Indian national, named Banmeet Singh was found guilty of running a dark web conspiracy, shifted hundreds of kilograms of drugs. He was involved in selling controlled substances on dark web marketplaces and attempted one of the biggest seizures of cryptocurrency in history.
Banmeet Singh from Haldwani, Uttrakhand moved drugs throughout the US states to commit money laundering, according to DOJ. additionally, the DEA appointed Banmeet as a Consolidated Priority Organization Target (CPOT) between 2012 to 2017. He was accountable for managing over 8 distribution cells in the US, including Florida, Ohio, Maryland, North Dakota, North Carolina, New York, Washington, and other regions.
The multimillion-dollar drug organization became worth over $150 Million (8,100 BTC) by laundering millions of dollars of drug proceeds into crypto accounts.
The crypto was valued at around $150 Million in seizure and Banmeet Singh is forfeiting more than 8,100 Bitcoin.
The whole story started with developing vendor marketing sites on the dark web such as Silk Road, Hansa, and Alpha Bay. The vendor marketing sites were used by Banmeet Singh to sell substances including fentanyl, LSD, ecstasy, Xanax, Ketamine, and Tramadol. Surprisingly, he was collecting money in the form of cryptocurrency, mainly Bitcoin.
Furthermore, apart from the 50 states of the US, Banmeet Singh also supplied the controlled substances to other regions including Canada, the Caribbean, and Europe, said Anne Milgram, the administrator of the DEA.
Additionally, Singh is anticipated to have 8 years in prison if approved by the Judge. However, no sentencing date has been issued yet.
Moreover, the investigation gets advantages from partnerships with international partners including the Crown Prosecution Service (CPS), the United Kingdom National Crime Agency (NCA), and Central Authority (UKCA).
Bitcoin’s Current Performance
According to CoinMarketCap, the BTC price at press time is $43,386.13. It witnessed an upsurge of 2.74% in the past day with a market cap of $850.9 Billion. The 24-hour volume is $22.6 Billion.
In addition, the upcoming Bitcoin halving event is expected to boost BTC’s price in the near future. BTC has a circulating supply of 19,613,106 BTC and a maximum supply of 21 Million BTC.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
