Gujarat CID Busts ₹200 Cr USDT Laundering Ring via BitGet & Binance

Published: 2025-11-10 05:38:31 |

The Gujarat CID’s Cyber Crime Centre has dismantled a ₹200 crore USDT laundering network operating on BitGet and Binance. Surat resident Chetan Gangani was arrested for converting proceeds from 386 cyber fraud cases into USDT using nearly 100 mule bank accounts. Over four months, he facilitated ₹10 crore in transactions and earned a 0.10% commission per deal. Investigators traced fund flows through seven layers, uncovering transfers to Pakistan and Dubai and locating over ₹25 crore in a Pakistan-based Binance wallet. The case highlights the role of USDT in obscuring money trails. Authorities warn crypto traders to verify investment offers, monitor for USDT laundering risks, and report suspicious activity to the national cybercrime portal.

Neutral

This crackdown on a ₹200 crore USDT laundering ring is unlikely to affect USDT’s USD peg. In the short term, the enforcement action reduces illicit flows and raises compliance standards. Over the long term, it may bolster overall trust in regulated stablecoins, but stablecoin demand and price stability remain driven by market factors. Thus, the impact on USDT’s price is neutral.