Two individuals, together with an Indian-American, have been indicted by a US court docket for his or her roles in a cryptocurrency cash laundering scheme, the Department of Justice mentioned.
Lois Boyd, and Manik Mehtani — each from Virginia — withstand 20 years in federal jail.
According to the indictment, Boyd and Mehtani are alleged to have conspired with others to obtain sufferer cash derived from a wide range of fraud schemes and launder the proceeds by cryptocurrency.
They allegedly have routinely structured deposits to keep away from transaction reporting necessities and to hide the character and supply of the prison proceeds, the Department of Justice mentioned.
They allegedly exchanged the prison proceeds for cryptocurrency and directed the cryptocurrency to wallets underneath the management of their overseas co-conspirators, it mentioned.
In August 2020, Boyd and Mehtani traveled to Longview, Texas, the place they tried to alternate greater than $4,50,000 for Bitcoin. They had been briefly detained and the cash was seized. In the course of their operation, Boyd, Mehtani, and their co-conspirators allegedly laundered greater than $7,50,000, the federal prosecutors alleged.
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With inputs from TheIndianEXPRESS
