Native American Indian among 2 charged in US for role in crypto money laundering

Two people, including an American Indian, have been charged in a US court for their role in a cryptocurrency money laundering scheme, the Justice Department said.

Lois Boyd and Manik Mehtani, both of Virginia, face up to 20 years in federal prison.

According to the indictment, Boyd and Mehtani allegedly conspired with others to receive victims’ money from various fraudulent schemes and launder the proceeds through cryptocurrency.

They would routinely have structured deposits to avoid transaction reporting requirements and to conceal the nature and source of proceeds of crime, the Justice Department said.

They allegedly exchanged the proceeds of crime for cryptocurrency and directed the cryptocurrency to wallets under the control of their foreign co-conspirators, he said.

In August 2020, Boyd and Mehtani traveled to Longview, Texas where they attempted to exchange over $450,000 for Bitcoin. They were temporarily detained and the money seized.

During their operation, Boyd, Mehtani and their accomplices allegedly laundered more than $7,500,000, federal prosecutors claimed.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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