Investigations reveal how Indian crypto exchanges are facilitating the movement of over $623 million in stolen funds, according to a global ICIJ-Indian Express investigation. The findings highlight the urgent need for stronger regulation of the sector and demonstrate how cryptocurrency platforms are enabling illegal money transfers across borders. 27 exchanges have been flagged by India’s Home Ministry for suspected involvement in these illicit activities. The investigation reveals how criminals are converting stolen money into crypto within minutes, then utilizing multiple wallets, mixing services, and offshore exchanges to launder the funds before disappearing from view. This has led authorities to grapple with a regulatory vacuum that leaves them struggling to manage cross-border laundering and secure seized digital assets. The report underscores the anonymous nature of blockchain technology as it offers criminals anonymity and speed in their operations while posing challenges for enforcement agencies. A prominent case involved a Russian national linked to Indian entertainment circles, whose connections to international laundering networks highlight how seemingly innocuous activities can be used to facilitate illegal money flows.