Lois Boyd and Manik Mehtani resist 20 years in federal jail. (Representational picture)
Washington:
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 Division of Justice mentioned.
Lois Boyd, and Manik Mehtani — each from Virginia — resist 20 years in federal jail.
In accordance with 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 means of 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 Division of Justice mentioned.
They allegedly exchanged the prison proceeds for cryptocurrency and directed the cryptocurrency to wallets underneath the management of their international co-conspirators, it mentioned.
In August 2020, Boyd and Mehtani travelled to Longview, Texas, the place they tried to alternate greater than USD 4,50,000 for Bitcoin. They had been quickly detained and the cash was seized. In the midst of their operation, Boyd, Mehtani, and their co-conspirators allegedly laundered greater than USD 7,50,000, the federal prosecutors alleged.