India's Enforcement Directorate (ED) has arrested a Dubai-based Indian national, Nihal V.N., for his alleged role in a cross-border crypto-hawala network tied to international drug trafficking. The agency claims he transformed cash generated from narcotics sales in India into cryptocurrencies and foreign currencies, then transferred the funds overseas to suppliers in Brazil and Thailand.
The accused was presented before a Goa court and remanded in custody until July 28, 2026, under the Prevention of Money Laundering Act (PMLA). The investigation revealed the use of multiple digital wallets, offshore bank accounts, and front companies for layering illicit proceeds.
This arrest follows a broader operation that saw simultaneous searches at 26 properties across seven Indian states, including Goa, Maharashtra, Kerala, and Delhi. During these raids, agents seized approximately 3 crore rupees in cash, along with documentary evidence and technological devices. An earlier arrest in the same case was made on January 17, 2026, when Madhupan SS was taken into custody and remains in judicial detention.
The crackdown is part of the national 'Nasha Mukt Bharat' initiative and aligns with directives from the tenth meeting of the National Narco Coordination Portal (NCORD) on June 26, 2026, which prioritized disrupting the finances of organized crime. The ED confirmed it will continue tracing and freezing assets linked to such illicit networks.
