FIA books man for money laundering over cryptocurrency transactions

The Federal Investigation Agency’s Khyber Pakhtunkhwa Zone on Tuesday registered the province’s first-ever money laundering case over cryptocurrency transactions following an inquiry. However, the accused, Danyal Farooq of Nowshera district, wasn’t arrested until night. The FIR registered by the FIA revealed that an inquiry was launched against Danyal Farooq for maintaining 10 different bank accounts with transactions of Rs870 million during the last three years, including a credit turnover of approximately Rs437 million and a debit turnover of around Rs436 million, which was found to be not proportionate with the declared profile of the accused. According to it, the statement of accounts of the accused revealed that between June 2020 and April 2021, the credit turnover of the account was Rs223 million comprising online cash deposit of Rs101 million, inter-bank funds transfers of Rs51.8 million and internet fund transfer of Rs42 million.