Polish police has arrested a Russian national accused of money laundering while running a crypto exchange. According to reports, the man was arrested on December 6th after the United States requested his extradition due to the allegations of stealing and laundering money while running a fraud crypto exchange.
Issues with money laundering around the world have caused chaos for all regulators. These illegal activities have increased in the last few years due to the rise and the ease with which money can be laundered using digital assets.
Such crimes have a fairly straightforward method of operation. To conceal their true source, criminals employ a range of services and techniques that send money through several addresses or businesses.
Polish Police Arrests Russian National Over Fraudulent Crypto Exchange
In a statement released on Friday December 6th, Polish police said they had arrested a Russian national who was wanted in relation to fraud and money laundering while operating a sizable cryptocurrency exchange.
Because of Polish privacy laws, he was only identified as Dmitry V.
According to a police statement, Dmitry V. is suspected of committing multiple frauds, money transfers, and money laundering schemes in connection with operating one of the biggest cryptocurrency exchanges globally.
According to the Polish daily Rzeczpospolita, Dmitry V. oversaw WEX, the biggest cryptocurrency exchange in Russia prior to its demise in 2018.
Illicit Activities Using Crypto See Global Surge
The news of the polish police arresting the Russian national comes a second in the past one week. Previously, the National Crime Agency (NCA) of the United Kingdom stated that it led an international investigation to dismantle Russian money laundering networks that were found to support serious and organized crime in the Middle East, South America, Russia, and the UK.
As UnoCrypto reported earlier, the NCA code-named the operation “Destabilise,” and it had resulted in the arrest of 84 suspects linked to the Russian-speaking networks Smart and TGR. In addition, cryptocurrencies and cash worth £20 million ($25.4 million) have been seized in connection with the case.
However, the trend is not just limited to Russian or Europe. The Enforcement Directorate of India had apprehended yet another suspect in money laundering connected to the cryptocurrency industry.
The Enforcement Directorate (ED) arrested two chartered accountants and a cryptocurrency trader on December 4th as part of a money laundering investigation linked to a cyber fraud case worth Rs 640 crore ($76.7 million).