July 3, 2022

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Indian-American amongst 2 indicted by way of US courtroom for position in cryptocurrency cash laundering

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Two individuals, together with an Indian-American, had been indicted by way of a US courtroom for his or her roles in a cryptocurrency cash laundering scheme, the Division of Justice stated.

Lois Boyd, and Manik Mehtani — each from Virginia — withstand twenty years in federal jail.

In step with the indictment, Boyd and Mehtani are speculated to have conspired with others to obtain sufferer cash derived from a lot of fraud schemes and launder the proceeds via cryptocurrency.

They allegedly have automatically structured deposits to keep away from transaction reporting necessities and to hide the character and supply of the felony proceeds, the Division of Justice stated.

They allegedly exchanged the felony proceeds for cryptocurrency and directed the cryptocurrency to wallets underneath the keep an eye on in their international co-conspirators, it stated.

In August 2020, Boyd and Mehtani travelled to Longview, Texas, the place they tried to interchange greater than $4,50,000 for Bitcoin. They had been quickly detained and the cash used to be seized. For the duration of their operation, Boyd, Mehtani, and their co-conspirators allegedly laundered greater than $7,50,000, the federal prosecutors alleged.

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