The Narcotics Control Bureau (NCB) has arrested a man who allegedly provided Bitcoin to traders to buy drugs from the darknet, the NCB said on Wednesday.
The defendant has been identified as Makarand Pardeep Adivirkar, popularly known as the “Crypto King”.
“In November 2020, a team from NCB Mumbai had seized 20 LSD blots from the village of Kharodi in Malad. The seized psychotropic substance was bought from a drug dealer in Mumbai with bitcoin from Europe,” said NCB.
During the investigation, Adivirkar, arrested by the police, was involved in providing the Bitcoin to effect the purchase of LSD from abroad in November 2020.
According to the NCB, the seized drugs were bought with Bitcoin on the Darknet. Adivirkar has been found to provide bitcoins to drug traffickers in different parts of Mumbai.
“His modus operandi was getting cash and delivering bitcoins with marginal profits using his wallet, which was used to buy drugs off the darknet,” added NCB.
The NCB said narcotics and psychotropic substance sellers in some countries are using bitcoin for illicit drug trafficking around the world, specifically LSD, ecstasy, heroin, hydroponic weed, buds, and other drugs.
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes counterfeiting or double spending almost impossible. It is a digital currency with no central bank or individual administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.