Man held by NCB Mumbai for providing bitcoin to peddlers for drug purchase
The Narcotics Control Bureau (NCB) arrested a man who allegedly used to provide bitcoin to peddlers to buy drugs from the darknet, informed NCB on Wednesday.
The accused has been identified as Makarand Pardeep Adivirkar, popularly known as the 'Crypto King'.
"In November 2020, a team of NCB Mumbai had seized 20 LSD blots from Kharodi Village in Malad. The seized psychotropic substance was purchased from Europe by using Bitcoin by a drug peddler from Mumbai," said NCB.
During the investigation police arrested Adivirkar was involved in providing the bitcoin to effect the purchase of LSD in November 2020 from abroad.
According to NCB, the seized drugs were purchased from the Darknet by using bitcoin. Adivirkar was found to be providing bitcoins to drug peddlers in various parts of Mumbai.
"His modus operandi was to receive cash, and provide bitcoins on marginal profits by using his wallet that was used to purchase drugs from the Darknet," NCB added.
The NCB said that sellers of narcotic drugs and psychotropic substances in some countries are using bitcoin for illicit trafficking of drugs worldwide especially LSD, ecstasy, heroin, hydroponic weeds, buds among other drugs.
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. It is a digital currency, without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.