MONEY LAUNDERING VIA TELEGRAM IN INDIAN FINANCIAL MARKETS
Category: Cyber Crime Law
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INTRODUCTION: - The crime is a function which is the stigmata for the society
which has becoming more and more habituate and regular situation to get
handled by authority. There are many kind, between which one is money
laundering, which also a remaining issue in India. This is a significant challenges
for financial markets worldwide, including India. The criminals have found new
ways to launder money, and telegram a popular chat app, which has been used
as an instrument. This blog explores the phenomenon of money laundering via
Telegram in India.
BACKGROUND: - Telegram encryption and privacy features make it a popular
for many activities. This app allows users to create groups and channels, which
facilitates the anonymous exchange of information and transaction. Preferable
place for criminals to exploit this for financial increment making the officials
bewildered.
KEY ASPECTS: - The aspects regarding money laundering are
stringent, such as-
This app’s privacy features helps to hide the criminals
identity and transaction.
Telegram offers used to facilitate cryptocurrency
transaction, which are difficult to trace compared to
traditional financial transaction.
Massive chat rooms and channels on this enable the co-
ordination of money laundering networks across
different regions.
PROVISION: - India has robust legal framework to prevent
this issues which are-
1. Under Prevention of Money Laundering Act, 2002
(PMLA), section 3 defines the money laundering, and
section 4, section 5, section 45 etc, also can be used in
this issue.
2. Also, there are also some additional such as, Reserve
Bank of India (RBI), 1935, Securities and Exchange
Board of India (SEBI), 1992 which have guidelines to
financial institutions to implement and-money
laundering (AML) parameters.
CASE LAW: - There are some important cases which also
comes partially under this purview, which are-
Sushil Kumar v. State of Haryana (2024), in this case has
highlighted the money laundering and smuggling of
human beings.
The CEO of telegram Mr. Durov also going through
investigation for this activity which has been conducted
by the app.
CONCLUSION: - Through the technology this kind of crime is
being conducted day by day, without any holding onto
connected string. The features of this beneficial while making
it more pernicious for the victims and addressing it more
frequently can bring a tranquillity in the society, which so our
Online Legal Query team with legal experts and senior
advocates has tried to make a move towards this issue and
submitted this blog as a notification for the people for
enlightening the awareness on this.
