Pak uses bitcoin for terror funding in J&K, raids conducted, says SIA

Jammu: The State Investigative Agency (SIA) has foiled another attempt of Pakistan for funding terror activities in Jammu and Kashmir through Bitcoin. This is the first time that SIA has established the use of Cryptocurrency in financing terrorism.
“Crackdown on hawala operators in the recent past has led Pakistan to use bitcoin channel to fund terror in Jammu and Kashmir,” an official said.
He added this came to light during multiple raids conducted by sleuths of State Investigation Agency (SIA) in Mendhar, Poonch, Baramulla, Kupwara and Handwara area in connection with terror financing case registered in Counter Intelligence Police Station in Srinagar.
Investigation reveals that mastermind sitting across the border in Pakistan with the connivance of ISI officers pumped slush money to their agents in J&K.
Through these agents, money is further distributed among terror outfits for fueling mass violence and terror related activities in J&K.
During the course of investigations, SIA has been able to gather complete information about the whereabouts of Pak based terror mastermind behind this illegal racket.
However, his particulars are being kept confidential so that other agents connected with him are not alerted.
Today SIA team raided houses of Zahida Bano in Hyhama, Kupwara, Ghulam Mujataba Deedad in Lone Hari, Kupwara, Tamjeeda Begum in Satkoji Rajwara, Handwara, Yasir Ahmad in Dewan Bagh Baramulla, QMohammad Sayed Masoodi in Trajpora, Baramulla, Farooq Ahmad in Mandi, Poonch and Imran Chowdhary in Dharana Mendhar.
During search incriminating material believed to be hidden in digital devices, SIM cards, mobile phones and documents was seized
This evidence collected during multiple raids has helped SIA team blow the lid of bit coin terror funding racket.
Preliminary investigation revealed that the dirty money originating from Pakistan had reached these persons, whose house were raided today.
“The transfer of money has been layered to prevent backward tracing of its origin, the investigation has revealed,” informed one of the officers.
While several accounts-in-the-middle that have been used to layer the money are outside J&K, the effective whitewashing of the Pakistani money has taken place through exploitation of loopholes in international bitcoin trade.

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