Silk Road Drug Lord Confiscated $150 Million in DEA’s Largest Cryptocurrency Seizure in History
A Silk Road drug lord extradited from the UK has admitted running an illegal drug network and handed over $150 million in cryptocurrency.
Banmeet Singh, 40, of Haldwani, India, pleaded guilty to operating an illegal drug distribution network, according to the U.S. Department of Justice. He utilized various dark web platforms, including notable platforms such as Silk Road, Alpha Bay, and Hansa, to sell various controlled substances.
Singh’s operation involved customers ordering through an online store and paying with cryptocurrency. He then facilitated the shipment of these drugs, primarily from European sources, to the United States via the postal service or other shipping methods.
Acting Deputy Attorney General Nicole Argentieri emphasized that individuals like Singh mistakenly believe they can conceal their illegal activities within the anonymity of the dark web. Singh’s conviction is a testament to law enforcement’s efforts to infiltrate hidden sectors of the Internet. The petition includes the forfeiture of approximately $150 million in cryptocurrency assets. It was revealed that Singh’s drug dealing often involved using the alias Liston.
Operating from mid-2012 to July 2017, Singh’s illicit enterprises included at least eight distribution networks within the United States. These networks spread across a variety of states, including Florida, Maryland, New York, and Washington. Singh’s distribution cell was responsible for receiving pharmaceutical shipments from overseas, repackaging them, and then redistributing them to all 50 states as well as international destinations such as the United Kingdom and Canada.
During the course of this conspiracy, the organization led by Singh trafficked hundreds of kilograms of controlled substances throughout the United States. This massive operation generated millions of dollars, which were then laundered into cryptocurrency accounts, creating a veritable illegal drug empire.