Indian-American amongst 2 indicted by US courtroom for function in cryptocurrency cash laundering

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

Lois Boyd, and Manik Mehtani — each from Virginia — resist 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 quite a lot of fraud schemes and launder the proceeds via cryptocurrency.

They allegedly have routinely structured deposits to keep away from transaction reporting necessities and to hide the character and supply of the legal proceeds, the Department of Justice mentioned.

They allegedly exchanged the legal 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 travelled to Longview, Texas, the place they tried to change greater than $4,50,000 for Bitcoin. They have been quickly 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.