Gold Smugglers in Nepal Caught Exchanging 33kg of Gold for Tether USDT Stablecoin

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By BitcoinWiki News

Key Takeaways:

– An international criminal network busted for gold smuggling and using USDT stablecoin in $16 million-worth illegal operations
– Group managed to smuggle 33 kg of gold and earned money through other illegal activities
– Transacted Rs. 2.19 billion via cryptocurrency in less than a year
– Utilized USDT and 12 distinct digital wallets for their endeavor
– Cryptocurrency transactions are illegal in Nepal
– 27 people involved in gold smuggling identified, including 2 Chinese and rest Nepali
– Between November 2022 and October 2023, group moved gold to Kathmandu via Phalaak crossing of Lamabagar in Dolakha, a region bordering Tibet
– Smugglers used children to hide gold inside potato and flour sacks
– Returned sacks filled with cash, musk, and yarsagumba, known as ‘Himalayan gold’
– Police recovered 11 kg of gold and 532 grams of gold ornaments

1. Overview: An international criminal network engaged in gold smuggling and illegal operations worth $16 million has been busted, utilizing cryptocurrency for transactions.
2. Crypto in Illegal Activities: The group used USDT and 12 digital wallets to carry out their illegal operations, despite cryptocurrency transactions being illegal in Nepal. The police identified 27 individuals involved in gold smuggling, with some being Chinese and the rest Nepali.
3. Gold Smuggling Methods: The group smuggled 33 kg of gold into Nepal’s capital through the Phalaak crossing of Lamabagar in Dolakha, using children to hide the gold in potato and flour sacks.
4. Connection to ‘Himalayan Gold’: The smugglers exchanged the gold for cash, musk, and yarsagumba, a highly valued traditional medicine in the Chinese world known as ‘Himalayan gold.’ The police recovered 11 kg of gold and 532 grams of gold ornaments.
5. Law Enforcement Efforts: The arrests are part of ongoing efforts by local police, the Central Investigation Bureau, and other authorities to combat gold smuggling in the region. Twelve individuals involved in the illegal operations are currently on the run.

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