Tag: Crypto Money Laundering

India Arrests Russian-Lithuanian Tied to Crypto Money Laundering Case

Summary:Indian authorities have arrested Aleksej Besciokov, a Russian-Lithuanian citizen, for money laundering and violating U.S. sanctions through his role in the Moscow-based crypto exchange Garantex. The U.S. accuses him of handling illicit transactions worth billions and seeks his extradition. He faces up to 45 years in prison for charges including money laundering and operating an unlicensed financial service. His arrest follows a global crackdown on Garantex, with U.S. authorities seizing domain names and freezing $26 million in related funds.

Indian law enforcement has detained Aleksej Besciokov, a Lithuanian citizen residing in Russia, over allegations of laundering money and breaching international sanctions through the Russian cryptocurrency exchange Garantex. The arrest, a joint operation by the Central Bureau of Investigation (CBI) and Kerala Police, came after a U.S. request for his extradition.

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Authorities caught Besciokov allegedly attempting to flee India. The U.S. Justice Department claims he managed Garantex, a Moscow-based exchange sanctioned in 2022 for processing over $96 billion in transactions tied to cybercriminals, terrorist groups, and drug trafficking networks.

Last week, U.S., German, and Finnish authorities dismantled Garantex’s digital infrastructure in a broader crackdown on illicit crypto activities. Besciokov faces charges of money laundering, violating the International Emergency Economic Powers Act, and operating an unlicensed financial service—offenses carrying up to 45 years in prison.

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Following a U.S. request, India swiftly issued a warrant on March 10. Besciokov will soon appear in court for extradition hearings. Meanwhile, U.S. authorities seized Garantex-linked domains and froze $26 million in related funds. Experts warn that while this is a major victory against illicit finance, similar exchanges often reappear under new identities.

15 Charged in U.S. for Laundering Drug Cartels’ Cash via Cryptocurrency.

Summary: 15 individuals which included 9 defendants and 6 associates face charges in the great state Florida for allegedly laundering drug money from neighboring developing cartels such as Mexico and Colombia into cryptocurrency. This scandal continued for almost 3 long years starting from 2020 to mid-2023 and the individuals where involved in bulk cash pickups and crypto transactions.

Sophisticated Money Laundering Scheme

The accused individuals allegedly collected drug proceeds from cities of United States and converted them into cryptocurrency. Then these digital money or assets were transferred to the wallets of the big evil conspirators, it doesn’t end here as the transferred digital asset was again converted back into cash and then transferred to cartel leaders in Mexico and Colombia.

Key Figures and Roles

Court documents and files suggest Nilson Sneyder Vasquez Duarte as a primary criminal and the one who coordinated the scheme. He and his co-conspirators allegedly helped during the deliveries to black-market crypto exchangers, which for sure included Hernan Horacio Richard Samper and Maria Eugenia Landeros Rosas. Not only there but there are several other individuals also served as a medium to physically transporting cash between U.S. cities.

Charges and Penalties

Accused individuals are facing charges for conspiracy to commit money laundering and operating an illegal money transfer business. This doesn’t end the charge for some as seven individuals which includes Duarte and Landeros, face even more additional count of substantive money laundering.

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