Dawood Ibrahim using Bitcoins to keep illegal tradings under radar

New Delhi: India's most wanted gangster Dawood Ibrhim has reportedly turned to Bitcoins to keep his illegal business under the radar. According to sources, Iqbal Kaskar - Dawood's brother who was arrested by Mumbai Police earlier this year - has revealed that the D Company has bought more than 15,000 Bitcoins and is using them for transactions related to drugs, arms and real estate.

Kaskar reportedly told intelligence agencies that Dawood Ibrahim and his D Company is looking at options beyond Rupees, Dollars and Pounds, and has begun dealing in Bitcoins - a digital currency. He also said that Dawood has bought over 15,000 Bitcoins which are valued at Rs 950 cr. It has also been learnt that by keeping their identity anonymous on Darkweb and/or Darknet which are essentially discreet networks, the D Company has started paying for its illegal dealings using the virtual currency.

(Also read: What are Bitcoins)

D Company, say sources, is using Bitcoins to also pay salaries to gang members, travel expenses, ticketing and in other similar transactions. It is also accepting it as a mode of payment for executions it carries out.

While the underworld has previously invested in real estate, share markets and in gold, the shift to Bitcoins may pose a new challenge to security and intelligence agencies.