To equip the National Investigation Agency (NIA) officers with the skills needed to investigate cryptocurrency-related cases effectively, Team WazirX, a leading cryptocurrency exchange platform, conducted a comprehensive training program titled “Investigation of Cryptocurrencies” on 6th July 2023. This intensive 2 session program, led by industry experts Muthuswamy Iyer, Ishan Kanungo, and Sumit Patel, covered crucial topics such as technical aspects, legal considerations, compliance requirements, and insightful case studies. Here are the key highlights from this knowledge-packed training program:

Resource Persons

The training program boasted a formidable team of experts from WazirX, ensuring participants received top-tier guidance. The resource persons included:

1. Muthuswamy Iyer – Compliance Head

2. Ishan Kanungo – Legal Manager

3. Sumit Patel – Customer Support & Tech Manager

Their combined expertise in compliance, legal matters, and technical intricacies of cryptocurrencies guaranteed an enriching and well-rounded learning experience for the NIA officers.

Session 1

The initial session of the training program set a strong foundation by delving into technical and legal aspects relevant to cryptocurrency investigations. Key topics covered were as follows:

Technical

• Demystifying blockchain technology and its implications for cryptocurrencies.
• Unraveling the essential terminology surrounding cryptocurrencies.
• Mastering the art of searching wallets and transactions on open-source websites.
• Insightful guidance on conducting search and seizure operations involving cryptocurrencies.
• Exploring different wallet types and their significance in investigations.
• Understanding the operations of crypto exchanges and deciphering transaction flows.

Legal

• Analyzing the significant impact of the Hon’ble Supreme Court’s decision in Internet and Mobile Association of India & Ors. v. Reserve Bank of India.
• Exploring relevant provisions under the Criminal Procedure Code (CrPC) to extract information and seize cryptocurrencies.
• Unveiling intermediary and CERT guidelines crucial for comprehending cryptocurrency-related legalities.

Compliance

• Navigating the realm of ‘Know Your Customer (KYC)’ requirements applicable to cryptocurrency platforms.
• Grasping statutory compliance obligations in accordance with the Prevention of Money Laundering Act (PMLA) and Financial Intelligence Unit (FIU) regulations.

Session 2

The subsequent session elevated the learning experience by immersing participants in captivating case studies and hands-on exercises. This segment included:

Case Study Analysis

• Investigating modus operandi and identifying patterns in real-life cases.
• Unraveling the invaluable assistance provided by WazirX Exchange during investigations.
• Noteworthy case studies:
  • Unmasking the intricacies of the Fake Call Centre Delhi – Austria Police <> CBI case
  • Shedding light on the NIA’s relentless pursuit in the ISIS Funding Case
  • Digging into the details of the Manguluru Blast investigation led by the NIA
  • Peering into the complexities of the Amir Khan Money Laundering Case handled by ED Kolkata
  • Exploring the Bluemax Capital Solutions Money Laundering Case probed by ED Madurai
  • Uncovering the secrets behind the Disproportionate Assets Case monitored by Odisha Vigilance

Hands-On Exercise

Practical guidance on harnessing open-source websites and paid third-party forensic tools to search wallets and transaction hashes was conducted.

The “Investigation of Cryptocurrencies” training program organized by Team WazirX for NIA officers delivered substantial knowledge and invaluable insights. Empowered by the expertise of resource persons and comprehensive coverage of technical, legal, and compliance aspects, participants acquired essential skills to navigate cryptocurrency investigations confidently. In an ever-evolving digital landscape, such programs play a pivotal role in arming law enforcement agencies with the necessary tools to combat emerging challenges in the world of cryptocurrencies.

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