- Indian crypto king was arrested
- Wazirx says he is not its user
The Narcotics Control Bureau (NCB) has arrested Makarand Pardeep Adivirkar. The Mumbai resident allegedly used bitcoin to purchase drugs on the dark web. The accused is also known as ‘crypto king.’
In November 2020, the NCB Mumbai team had seized 20 LSD blots from Kharodi Village in Malad. According to local news, the seized psychotropic substance was from Europe. He bought it with BTC using his wallet.
Moreover, as per the reports, the crypto king used the Indian crypto exchange Wazirx to help his drug purchases. More so, the exchange issued a notice denying that he is not its user.
On June 11, 2021, Wazirx had received an email from the NCB enquiring about the said accused and his trading activity on Wazirx. Upon checking our records, we identified that the accused is not a Wazirx user, and we communicated the same to the authorities on June 12, 2021.
In addition, Wazirx added that they want to reiterate. Further, the firm said that it follows global best practices on KYC and AML compliances. Also, it said that it has a robust transaction monitoring system in place.
Moreover, the crypto exchange platform said, “We allow only KYC-verified and white-listed accounts to withdraw funds from our exchange.”
Last month, Wazirx announced that its Paytm Payments bank account would not remain operational. This means that users cannot carry out transactions on its platform through the bank transfer option.