Indian citizen Banmeet Singh, $150 million worth of drug proceeds cryptocurrency He pleaded guilty in a dark web narcotics case that involved his takeover of the unit.
Largest Amount of Crypto Seized at a Time
Banmeet Singh was convicted today in U.S. District Court of running a dark web narcotics organization that built a multimillion-dollar drug business with hundreds of kilograms and tens of thousands of pills across the United States.
According to the DEA, this case involves the largest single seizure of cryptocurrency and cash in DEA history. The defendant’s cryptocurrency accounts worth $150 million were seized.
Banmeet Singh, 40, from India, pleaded guilty to possession of narcotics with intent to distribute and conspiracy to launder money.
According to court documents, Singh created vendor marketing sites on dark web marketplaces such as Silk Road 1, Silk Road 2, Alpha Bay, Hansa and others to sell narcotics.
Customers ordered drugs from Singh using merchant sites and paying with cryptocurrency. Singh then personally shipped or arranged for them to be sent from Europe to the US via US mail or other shipping services.
Singh was arrested in London in April 2019, and the government arranged for his extradition to the United States in 2023.
*This is not investment advice.
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