Mumbai: The city Crime Branch has arrested two persons from Borivli who were part of a gang involved in laundering money obtained through cyber frauds by converting it into cryptocurrency (USDT) and transferring it to Chinese nationals.Based on specific technical analysis, the officers of Unit 12 arrested two persons — Akhilesh Tiwari (41), a property dealer from Kandivali, and Pankaj Virendra Jha (35), a resident of Poisar from Borivali East, on Friday. Police seized Rs 2 lakh in cash, multiple bank passbooks, cheque books, debit and credit cards, fake IDs, and three mobile phones from their possession. An Ertiga car worth Rs 8 lakh was also confiscated.Investigators said the duo was working with foreign handlers, identified by police as Chinese nationals, operating via WhatsApp numbers saved under the names Monkey and KK Importer. Tiwari allegedly purchased USDT cryptocurrency through the Binance app at Rs 85–90 per unit and sold it back to the Chinese handlers at Rs 104 per unit, making profits while routing illicit funds.Police suspect that over Rs 80–90 lakh was funneled through multiple Indian bank accounts, some belonging to associates and acquaintances, which were later emptied in cash withdrawals. Jha reportedly provided access to bank accounts and received commissions of Rs 15,000–Rs 20,000 per account.A preliminary probe indicates the laundered funds were proceeds of cyber scams targeting Indian citizens. “This is part of a larger racket where Indian bank accounts are being misused to convert stolen money into cryptocurrency and transfer it abroad. We are looking at a larger picture to trace their accomplices,” an officer said.The difference was kept as profit. Co-accused Pankaj Jha provided access to several accounts and received commission per account. The laundered money was thus layered, converted into crypto, and transferred abroad to conceal its fraudulent origins.The two accused have been booked under cheating and cybercrime provisions. Police said the duo was produced before court on Saturday and remanded in police custody till August 28, to probe the money trail, identify accomplices, and establish links with foreign handlers.
