Mumbai: A major cryptocurrency racket allegedly linked to terror funding has been uncovered by investigating agencies in Gujarat, leading to the arrest of nine people, including a man from Mumbai. According to a report by the Free Press Journal, the case involves transactions worth nearly ₹225 crore and is being probed for suspected links to illegal financial networks and hawala operations.
Officials said the accused allegedly operated a large crypto-based network that was used to move money through digital channels while avoiding traditional banking systems. Investigators believe the funds may have been routed for unlawful activities, including suspected terror financing.
As reported by the Free Press Journal, authorities conducted coordinated operations and seized several digital devices, financial records and other documents during the investigation. Agencies are currently examining cryptocurrency transactions, bank accounts and online communication records to trace the full money trail and identify additional links connected to the operation.
Ahmedabad CID team has busted a massive international crypto-terror and dark web syndicate linked to narcotics trade, cyber fraud, hawala networks, and terror financing.
– 9 accused arrested.
– ₹226+ crore transaction trail uncovered.
– Links traced to Hamas-linked entities,… pic.twitter.com/rzpQjZk6cM— Mudit Jain (@MuditJain_IN) May 19, 2026
The arrests come amid increasing scrutiny by Indian agencies over the use of cryptocurrency platforms in financial crimes and cross-border illegal transactions. Officials stated that the investigation remains ongoing and more revelations are expected as forensic analysis of the seized material continues.