Crypto Exchange Admin Arrested in India for Money Laundering

Cryptocurrency Exchange Administrator Arrested in India

Aleksej Besciokov, a 46-year-old Lithuanian citizen residing in Russia, was arrested in the southern Indian state of Kerala on Tuesday. The arrest was made at the request of the United States, where Besciokov is wanted for alleged money laundering and sanctions violations.

Besciokov was one of the administrators of the Russian cryptocurrency exchange Garantex. Last week, the US, Germany, and Finland took down the exchange's online infrastructure and charged two of its administrators. Garantex was sanctioned by the US in April 2022.

According to the US Justice Department, Besciokov was charged with money laundering, violating sanctions, and operating an unlicensed money-transmitting business. He is accused of knowingly facilitating the laundering of millions of dollars in criminal proceeds, including funds from ransomware groups like Black Basta, Play, and Conti.

The Central Bureau of Investigation (CBI) in India coordinated with the Kerala police to arrest Besciokov. He will now be produced in a lower court in Delhi for extradition proceedings.

Besciokov's arrest highlights the growing international cooperation in combating cryptocurrency-related crime. Garantex is accused of processing at least $96 billion in cryptocurrency transactions since 2019, and the US Justice Department alleges that these funds were used to facilitate various illegal activities, including hacking, ransomware, terrorism, and drug trafficking.