A man implicated in a darknet markets investigation, centred on money laundering using digital assets, has been let out on bail. Garda National Cyber Crime Bureau (GNCCB) sleuths confiscated approximately €6.5 million in cryptocurrency and made three arrests during a raid on a residence in north County Dublin on Monday.
Kevin Daniel Andrei, a 23-year-old from Drynam Avenue, Swords, stood before the Dublin District Court with three charges under the Criminal Justice (Money Laundering & Terrorist Financing) Act of holding nearly €600,000 derived from criminal activities. Andrei is suspected of “hiding and changing the original nature and source of 65 Wirex transactions” adding up to €22,049 between 3rd March 2021 and 5th September 2022 made at an array of locations within the nation’s borders.
Moreover, claims exist that Andrei hid and changed “the original nature and source of 1,822 Revolut transactions” with illegal undertones worth €227,429 between 26th February 2021 and the same day in the following year. A third charge points to him hiding the nature and origin of 422 Binance trades amounting to €341,959 observed between 21st March, 2021 and 20th December of the same year. Andrei has yet to enter a plea.
Detective Ciaran Byrne was initially against bail, however, Judge Michael Connellan took into consideration the agreements made with defence solicitor Kate McGhee, who said her client accepted the GNCCB’s proposed conditions.
The judge granted bail, reminding the accused to report to a local garda station thrice a week, steer clear of applying for new or substitute travel documents, remain at his current residence, provide a contact number to gardaí and remain reachable constantly. Andrei was also instructed “to refrain from engaging in any cryptocurrency activity”, and not to divulge any details about the case on public platforms, including social media.
After Ms McGhee stated that her client was unemployed, legal aid was approved. Andrei was ordered to appear in court again on the 3rd of October. A man and a woman were also arrested, suspected of offences under money laundering and terrorism financing laws and were released while a file is being prepared for the DPP.