Panjim, July 24: The Enforcement Directorate (ED) has arrested Nihal VN, a resident of Dubai, in a significant operation targeting a crypto-hawala and international narcotics money laundering syndicate. This action is part of a strategy to dismantle the financial infrastructure of international drug networks.
The ED’s Goa zonal office detained Nihal VN under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. A special court in Goa has remanded the accused to ED custody for seven days, until July 28.
This operation shifts the focus from merely apprehending drug couriers to targeting the entire drug trafficking network, including darknet operators, kingpins, and their cross-border financial facilitators.
Investigations under the PMLA revealed that Nihal VN acted as a key financial node and money launderer for international drug traffickers operating across multiple continents. The ED stated that he processed cash and illegal earnings from drug sales in India, converting significant amounts of “proceeds of crime” into various cryptocurrencies and foreign currencies.
The laundered crypto and foreign currency were reportedly sent to international cartels and suppliers in Brazil and Thailand to fund the purchase of high-grade narcotics and synthetic drugs smuggled into India.
The ED has already identified several illegal crypto wallets, offshore bank accounts, and domestic shell entities used to launder these proceeds through forensic and digital investigations.
Previously, the ED conducted search operations at 26 locations across several states, including Goa, Maharashtra, Kerala, Tamil Nadu, Karnataka, Odisha, and Delhi, based on an FIR filed by Goa’s anti-narcotics cell under the PMLA, 2002.
Goa police had registered a case under the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985, for the trafficking of commercial quantities of narcotics, uncovering a well-organized interstate drug trafficking syndicate.
The ED reported that drug distribution on a business-to-business (B2B) basis was detected in multiple states, including Goa, Himachal Pradesh, Maharashtra, Karnataka, Tamil Nadu, Odisha, and Kerala.
The agency seized ₹3 crore in cash, along with incriminating documents and digital devices. Earlier, the main accused, Madhupan SS, was arrested on January 17, 2026, under Section 19 of the PMLA, 2002, and is currently in judicial custody.
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