&imwidth=800&imheight=600&format=webp&quality=medium "Crypto CEO faces extradition to US over $ 20mn fraud case. All about it")
A British-based cryptocurrency executive wanted in the US on wire fraud and market manipulation charges could be extradited to the US to stand trial after losing his legal challenge against being sent there. Manpreet Kohli, a 45-year-old Indian national and former chief executive of cryptocurrency company Saitama, was arrested in London in 2024 after US prosecutors accused him and more than a dozen others of carrying out widespread fraud.
Saitama promoted a token on the Ethereum blockchain that at one point reached a market value of $7.5 billion. Prosecutors alleged that Kohli and his co-conspirators publicly claimed to be buying and holding Saitama tokens while privately selling them for millions of dollars in profit. Kohli is alleged to have made around $20 million.
The case followed an FBI investigation in which the agency, for the first time, created its own digital token as part of an operation to uncover cryptocurrency-related crime. Kohli challenged his extradition on several grounds, including concerns that US authorities would not have adequate measures in place to prevent him from taking his own life while in custody.
However, Judge Samuel Goozee rejected his challenge on August 19 and referred the case to British ministers to decide whether his extradition should proceed. Such decisions are usually considered a formality.
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In his ruling, Goozee said there were "clearly appropriate arrangements" in place during Kohli's transfer and within the US prison system to manage his mental health and reduce the risk of suicide to an acceptable level.
Kohli remains free on £200,000 ($272,420) bail and can appeal against the ruling.
