The Mumbai Crime Branch has arrested two individuals in connection with a cybercrime-related money laundering racket, where illegal funds were converted into cryptocurrency and transferred to Chinese nationals.
Acting on specific intelligence, Unit 12 officers arrested Akhilesh Tiwari (41), a property dealer from Kandivali, and Pankaj Virendra Jha (35), a resident of Borivali East. Both were apprehended in Borivli on Friday.
The police recovered Rs2 lakh in cash, multiple bank passbooks, cheque books, debit and credit cards, fake identification documents, and three mobile phones from the suspects. An Ertiga car worth Rs8 lakh was also seized.
According to investigators, the duo was working for foreign operatives—Chinese nationals using WhatsApp aliases like “Monkey” and “KK Importer.” Tiwari reportedly purchased USDT (Tether) cryptocurrency via the Binance platform at Rs85–Rs90 per unit and sold it to the handlers at Rs104 per unit, pocketing the margin as profit.
Authorities suspect Rs80–Rs90 lakh was funneled through various Indian bank accounts, many opened in the names of acquaintances. These accounts were later used for cash withdrawals to obscure the money trail.
Pankaj Jha’s role was to provide access to these accounts, for which he earned a commission of Rs15,000–Rs20,000 per account.
A preliminary investigation suggests the funds originated from cyber scams that targeted Indian citizens. “This case is part of a broader operation where Indian bank accounts are exploited to launder stolen funds through crypto and send them abroad,” said a police officer.
The accused have been booked under provisions of cheating and cybercrime. Both were presented in court on Saturday and have been remanded in police custody until August 28. The investigation continues to trace other accomplices and uncover the extent of the international nexus.
