India Drug Bust Fuels Bitcoin Concerns

News | March 31, 2017 By:

India police have arrested five people who are accused of smuggling LSD from the US using bitcoin.

The arrests come in the wake of comments earlier this week from the Minister of State for Finance Arjun Ram Meghwal, who said that bitcoin and other cryptocurrencies “could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws.”

The Times of India claimed the alleged drug smuggling group was operating in Mumbai and paid for transporting blots of LSD with bitcoin.

“Our team had received information that this gang has been actively involved in smuggling and supplying LSD or party drugs to several others including celebrities,” said Sunil Mane, an inspector with the Mumbai police’s anti-narcotics division.