New Delhi: Indian authorities arrested Lithuanian national Aleksej Besciokov, accused of operating a $96 billion illegal crypto exchange.
The U.S. has been pursuing Besciokov for allegedly enabling money laundering for criminals, terrorists, and drug traffickers.
His arrest follows a U.S.-led operation that seized the exchange and froze $26 million in assets last week.
Besciokov’s crypto platform, Garantex, allegedly helped cybercriminals evade financial regulations and sanctions.
The U.S. is expected to seek his extradition to face charges in the Eastern District of Virginia.
Criminal Charges
Besciokov allegedly played a key role in keeping Garantex online and managing its infrastructure.
The U.S. recently unsealed an indictment against Besciokov and Aleksandr Mira Serda, a Russian co-founder of Garantex.
Mira Serda was the exchange’s “chief commercial officer” and is also facing criminal charges.
Besciokov’s platform reportedly processed $96 billion in transactions between 2015 and 2019.
Authorities claim Garantex allowed illegal money transfers linked to cybercrime and global terrorism.
Evasion Tactics
Garantex was sanctioned by the U.S. Treasury Department in 2022 for violating financial regulations.
Besciokov and his team allegedly redesigned the exchange’s operations to evade sanctions.
They reportedly misled U.S. businesses into unknowingly engaging with Garantex.
Despite sanctions, the exchange continued processing large-scale illegal transactions.
The Justice Department considers this arrest a significant victory in combating financial crime.
India’s Role
Besciokov was arrested in Kerala by India’s Central Bureau of Investigation.
Authorities labeled him a “fugitive” wanted for serious financial crimes.
It remains unclear why Besciokov traveled to India despite residing in Russia.
Indian law enforcement cooperated closely with U.S. officials in this operation.
The arrest highlights India’s increasing role in global efforts to combat financial fraud.
Future Steps
The U.S. will likely expedite its request to extradite Besciokov for trial.
His detention could expose further links between cybercriminal networks and financial fraud.
This case demonstrates how law enforcement is targeting key figures in illicit financial operations.
The arrest could disrupt illegal money laundering activities linked to the crypto industry.
Officials warn that more actions will follow against those violating global financial laws.
