FBI Claims Arrested Cyber Crime Syndicate Co-Founder Medvedev Worth $800M+ in BTC

Cyber Crime Syndicate Co-Founder Worth 100,000 BTC Arrested in Thailand

The Federal Bureau of Investigation (FBI) has claimed that Sergey Sergeyvich Medvedev, a Russian national recently arrested in Bangkok, was the co-founder and second in command of the Infraud group – a notorious international cyber crime syndicate. It has been reported that at the time of his arrest, Mr. Medvedev was in possession of more than 100,000 bitcoins.

Also Read: Japan Cracks Down on Foreign ICO Agency Operating Without License

Accused Cyber Crime Syndicate Co-Founder Arrested in Thailand

Cyber Crime Syndicate Co-Founder Worth 100,000 BTC Arrested in Thailand
Sergey Medvedev arrested by Thai police

Sergey Sergeyvich Medvedev is accused of being the co-founder and second in command of the transnational crime syndicate, Infraud. The dark-web marketplace associated with the group was seized and taken offline by U.S. authorities.

Mr. Medvedev, a Russian national, fled to Thailand six years ago. Thailand’s Crime Suppression Division (CSD) identified the thirty-one-year-old as being located in Bangkok following an investigation prompted by American requests for cooperation with the FBI.

Maj. Nathapol Ratanamongkolsak of the CSD stated that “The United States […] requested assistance from Thai police, and the police commissioner ordered the Crime Suppression Division to work on this case in late 2017.”

Mr. Medvedev in Possession of Over 100,000 Bitcoins

Cyber Crime Syndicate Co-Founder Worth 100,000 BTC Arrested in ThailandMr. Medvedev was arrested during a raid on his apartment in the Sukhumvit area, conducted by 30 CSD officers. The CSD officers seized numerous documents and a notebook computer from Mr. Medvedev.

CSD investigators have claimed that Mr. Medvedev was trading illegal products online in exchange for bitcoin. Thai media outlet, Bangkok Post, has reported that “judging by the evidence obtained during the Feb 2 raid, [Mr. Medvedev] had more than 100,000 bitcoin[s]” – at the time valued at approximately $800 – $900 million USD.

Thailand’s Central Investigation Bureau (CIB) chief, Thitiraj Nhongharnpitak, has confirmed that the raid took place. However, the CIB chief has declined to issue further details regarding the operation, stating that such is an international police matter and that more information will be made public soon.

FBI Cracks Down on Infraud

Cyber Crime Syndicate Co-Founder Worth 100,000 BTC Arrested in ThailandIt is alleged that Infraud was created during 2001 by Mr. Medvedev in partnership with Svyatoslav Bondarenko in Ukraine. Infraud has been described as a major hub for credit card fraud, with Deputy Assistant Attorney General David Rybicki stating that the site was “the premier one-stop shop for cybercriminals worldwide.”

Reports have indicated that similar operations designed to arrest 18 members of Infraud have been carried out in over a dozen different countries – expanding on prior efforts by the FBI to crack down on Infraud, which have previously seen the arrest of 32 individuals suspected of criminal involvement with the group.

Maj. Nattapol Rattanamongkol stated “This is an operation by the [US] Department of Homeland Security that involves spontaneous [raids] in 14 countries.”

What is your reaction to the arrest of Mr. Medvedev? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Khao Sod


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India’s Tax Department Issues Notices to 100,000 Crypto Investors

India's Tax Department Issues Notices to 100,000 Crypto Investors

India’s Income Tax Department recently announced that it has issued notices to 100,000 cryptocurrency investors. The announcement came in light of government surveys into the operations of multiple leading Indian exchanges that have revealed widespread tax evasion on the part of India’s cryptocurrency traders.

Also Read: India’s Finance Minister Confirms Crypto Not Recognized as Legal Tender, Media Panics

Indian Cryptocurrency Investors Accused of Tax Evasion

India's Tax Department Issues Notices to 100,000 Crypto InvestorsIndia’s Central Board of Direct Taxes (CBDT) chairman, Mr. Sushil Chanda, recently told reports that the country’s Income Tax Department has issued approximately 100,000 notices to cryptocurrency investors.

“People who have made investments [in cryptocurrency] and have not declared income while filing taxes and have not paid tax on the profit earned by investing, we are sending them notices as we feel that it is all taxable,” said Mr. Chanda, whilst speaking at an ASSOCHAM event in New Delhi.

The chairman stated that the Income Tax Department had conducted numerous surveys into the operations of the country’s cryptocurrency exchanges in order to ascertain the scale of the tax evasion being conducted.

“We found out that there is no clarity on investments made by many people which means that they have not declared it properly,” said Mr. Chandra, adding “We have informed all the DGs (Director Generals of Income Tax) across India, they are issuing notices and so that would be taxed.”

India to Crack Down on Use of Cryptocurrencies as “Payment System”

India's Tax Department Issues Notices to 100,000 Crypto InvestorsThe announcement comes shortly after S.C. Garg, India’s Economic Affairs Secretary, made comments discussing the country’s regulatory path with regard to cryptocurrencies. Speaking to CNBC, Garg stated that the government panel tasked with analyzing issues pertinent to “crypto assets” is expected to deliver its report by the end of the fiscal years, which ends on March 31st.

Reaffirming finance minister Arun Jaitley’s comments from last week, Garg also emphasized the government’s intention to crack down on the use of cryptocurrency as a means of payment, stating that “The government will take steps to make it illegal as a payment system.”

Do you think India will be successful in its efforts to reduce the use of cryptocurrency as a means of payment? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, www.incometaxindia.gov.in


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