Uzbek Prosecutors Uncover US$50.5 Million Crypto Laundering Scheme

Tashkent, Uzbekistan (UzDaily.uz) — Investigators from the Department under Uzbekistan's General Prosecutor's Office have uncovered an alleged criminal scheme involving the illegal trafficking of narcotic drugs, psychotropic substances and cryptoassets. According to the investigation, the organizers used Telegram bots, bank cards and payment services to launder proceeds from criminal activity.

The General Prosecutor's Office said officials from three companies — HST, VEK and RBMT — together with other individuals, allegedly organized a scheme to launder proceeds from the illegal trade in narcotic drugs and psychotropic substances.

According to investigators, narcotic drugs and psychotropic substances worth 20.9 billion soums were sold through 58 Telegram bots operated by the international TESLA SHOP group. The proceeds were transferred to 90 bank cards issued by Uzbek banks in the names of 14 foreign nationals. Of that amount, 8 billion soums were transferred to HST and VEK, companies operating in the Paynet sector, while another 4.7 billion soums was transferred to the CP crypto store.

According to the investigation, the funds were subsequently transferred to the companies' settlement accounts, through which Paynet services totaling 621.2 billion soums were provided to the public. The General Prosecutor's Office alleges that the participants evaded 90.3 billion soums in taxes through these operations.

The investigation also alleges that cryptoassets worth US$50.5 million were traded using funds of criminal origin. Of that amount, cryptoassets valued at US$2.4 million were transferred to the foreign currency accounts of 14 foreign nationals, which investigators have classified as the laundering of criminal proceeds.

A criminal case has been opened under the relevant articles of Uzbekistan's Criminal Code. Investigative actions are ongoing.