An Indian-American Is One Of Two People Convicted In The United States For Cryptocurrency Laundering.

2022-03-12 | Selina Mathew

An Indian-American Is One Of Two People Convicted In The United States For Cryptocurrency Laundering.

A US court has charged two people, comprising an Indian-American, for their participation in a cryptocurrency money laundering scam, according to the Department of Justice.

Both Virginia residents, Lois Boyd and Manik Mehtani stand up to 20 years in federal prison.

As per the complaint, Boyd and Mehtani collaborated with others to collect client money from several fraudulent schemes and launder the earnings using cryptocurrencies.

According to the Department of Justice, they reportedly habitually constructed deposits to circumvent transaction notifying standards and to disguise the nature and origin of the unlawful gains.

According to the complaint, they reportedly converted the illegal profits for cryptocurrencies and routed the cryptocurrency to wallets controlled by their international co-schemer.

Boyd, as well as Mehtani, proceeded to Longview, Texas, in August 2020, to attempt to convert over USD 4,50,000 for Bitcoin. They were jailed momentarily, and the money was taken. Boyd, Mehtani, and their co-conspirators reportedly laundered far beyond USD 7,50,000 during their activity, according to federal authorities.

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