US Justice Department Seizes $150 Million in Cryptocurrencies in Darknet Drug Trade Case
Date: 2024-01-29 Author: Dima Zakharov Categories: BUSINESS
In a significant development, the US Department of Justice has successfully seized $150 million in cryptocurrencies as part of a case involving the sale of illegal drugs on darknet marketplaces. The Southern District of Ohio court found Banmeet Singh, an Indian citizen, guilty of acting as an intermediary for the purchase of narcotics on platforms such as Silk Road, Alpha Bay, Hansa, and others from 2012 to 2018. Singh received payments in cryptocurrency for his services.
Singh's clients ordered banned psychotropic substances through him, and he personally oversaw their delivery from Europe to the United States through USPS or other express delivery services. In April 2019, Singh was arrested in London, and in 2023, the United States successfully extradited him.
"Banmeet Singh operated a global darknet enterprise for sending dangerous psychotropic substances to communities across America. Participants often signed their drug orders with the signature phrase: 'I still dance.' Today, with Banmeet Singh being found guilty and sentenced, this deadly dance has come to an end," said Kenneth Parker, the US Attorney for the Southern District of Ohio.
Singh pleaded guilty to running darknet companies involved in distributing prohibited substances and money laundering. He faces a potential sentence of 8 years in prison and the forfeiture of $150 million in cryptocurrency.
