American Crypto Vendor Sentenced to Over 10 Times for Money Laundering

American national Tommy Pramod Murarka has been sentenced to 121 months in prison in the U. S. for operating a international money laundering activity that funneled over$ 20 million in judicial money.

U. S. District Judge Gregory Van Tatenhove delivered the phrase last Wednesday after Murarka was convicted of facilitating the trafficking of legal proceeds through a complex activity involving crypto and a remittance program.

Operating under aliases like “elonmuskwhm” and “la2nyc, ” Murarka advertised money laundering services on darknet marketplaces from April 2021 to September 2023, according to a statement released Friday by the U. S. Attorney’s Office for the Eastern District of Kentucky.

Using encrypted contacts, Murarka coordinated with customers, directing them to take bitcoin to certain wallets.

The resources were subsequently converted into cash through a remittance system originating in India.

Murarka’s U. S. -based employees may offer the dollars and offer it to clients through innovative methods, including hiding it in books and envelopes, as per the declaration.

The research, led by the FBI and the U. S. Postal Inspection Service ( USPIS), revealed how Murarka deliberately worked with users involved in illegal activities such as drug trafficking and computer hackers.

After his arrest, authorities seized millions in illegal funds and took control of his online accounts, using them to prevent$ 1. 4 million in fiscal scams and confiscating fraudulent pharmaceuticals and equipment.

“This case highlights the global reach of crime, as well as the demand for devotion and cooperation in fighting cash fraud – a devastating second level of criminal conduct, ” said Carlton S. Shier, IV, U. S. Attorney for the Eastern District of Kentucky.

Under federal law, Murarka may serve at least 85 % of his statement and may face three years of supervised probation upon transfer.

Crypto schemes dominated purchase fraud costs in 2023

In 2023, funding scams in the U. S. skyrocketed to$ 4. 57 billion, with crypto schemes accounting for 87 % of the total, as per the Federal Bureau of Investigation’s ( FBI ) findings.

Costs tied to crypto scam reached$ 3. 96 billion, marking an 18-fold improve since 2018.

Teenagers and Gen X emerged as the most targeted populations, with average loss per unique climbing to$ 115,499.

Regulators warned that the fragmented nature of bitcoin makes it a perfect destination for scams and advised the people to exercise caution and perform comprehensive research before investing.