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 — resist two decades in federal jail.
Consistent with the indictment, Boyd and Mehtani are purported to have conspired with others to obtain sufferer cash derived from quite a lot of fraud schemes and launder the proceeds thru cryptocurrency.
They allegedly have robotically 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 below 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 have been quickly detained and the cash used to be seized. Throughout their operation, Boyd, Mehtani, and their co-conspirators allegedly laundered greater than $7,50,000, the federal prosecutors alleged.