Digital Goa, July 30 – A Sessions Court in North Goa has rejected the interim bail plea of Kerala resident Nihal V N, arrested by the Enforcement Directorate (ED) in an international crypto-hawala and narcotics money laundering case. Nihal had sought temporary bail citing his mother’s surgery and his marriage reception. However, the court held that the investigation is at a crucial stage and observed that, being a resident of Kerala, he posed a flight risk if released. It also noted that the ED alleges he facilitated the conversion of proceeds of crime into cryptocurrency and foreign currency to finance international drug trafficking. The main bail application will be heard on merits. The ED had arrested Nihal on July 21, alleging that he operated from Dubai as a key financial conduit for an international narcotics syndicate by converting illicit funds into cryptocurrency and routing them to overseas suppliers.
