India Arrests Man Behind Garantex, $96 Billion Crypto Exchange Wanted by US

Major Crypto Bust in India

Indian police arrested a Lithuanian man accused of running a shady $96 billion crypto exchange. The US claims the platform helped criminals launder money.

The suspect, Aleksej Besciokov, was caught in Kerala, a state in southwest India. The US had been tracking him for years. Now, they want him extradited.

Crypto Crackdown Leads to Big Arrest

Last week, US authorities took control of the exchange and froze $26 million in assets. They also unsealed an indictment against Besciokov and a partner.

The US Justice Department calls this a major win in the fight against crypto-based crime. They say platforms like Besciokov’s fuel global money laundering.

A Closer Look at the Allegations

The exchange, called Garantex, reportedly helped drug traffickers and terrorist groups move money. It was sanctioned by the US Treasury in 2022.

Instead of shutting down, Besciokov and his team allegedly redesigned it to dodge restrictions. They even tricked US businesses into working with them.

Russia, India, and the Mystery Trip

Besciokov had been living in Russia before his arrest. Why he traveled to India is unclear. But it gave law enforcement the chance to grab him.

His alleged accomplice, Aleksandr Mira Serda, was also charged. He was the “chief commercial officer” of Garantex, according to US officials.

US Seeks Extradition

The US wants Besciokov brought to Virginia to stand trial. His arrest shows that while Trump has eased pressure on Russia in some areas, law enforcement isn’t backing down on crypto crimes.

Besciokov has not commented on the charges. CNN has not reached a lawyer representing him.