PFI case: NIA raids underway in Phulwari Sharif, Patna

National Investigation Agency (NIA) raids are underway at two locations in Phulwari Sharif and Patna in Bihar on Tuesday in connection with the Popular Front of India (PFI) case.

Earlier this year, a PFI “terror module” was unearthed by Bihar Police in the Phulwari Sharif district of the state, leading to the arrest of three people, including a retired Jharkhand police officer, for their alleged links with the group and their plans to indulge in “anti-India” activities. Reports earlier suggested that evidence collected during the investigation had revealed that the accused in the case had received funds in the form of cryptocurrency from a foreign organization.

The crypto trade assumes relevance as various financial institutions and central banks have been flagging concerns about the financial risks attached to the virtual currency trade, including cryptocurrency. This form of currency can potentially be used for various anti-social activities.

Shaktikanta Das recently said that cryptocurrencies are a clear danger and anything that derives value based on make-believe, without any underlying principle, is just speculation under a sophisticated name.

The nature and scale of crypto markets are evolving rapidly, and if the current trends continue, they will pose risks to financial stability, the European Central Bank stated earlier this month.

The NIA had earlier carried out searches in Jamia Maria Niswa Madrasa located in Bihar’s Purvi Champaran district and arrested a teacher identified as Asghar Ali.