Washington: A United States court indicted two persons, including an Indian-American, in connection with a cryptocurrency money laundering scheme, said the Department of Justice.
Virginia men — Lois Boyd, and Manik Mehtani — face up to 20 years in federal prison.
As per the indictment, Boyd and Mehtani have allegedly conspired with others to get victim money derived from several fraud schemes and launder the proceeds via cryptocurrency, reported news agency PTI.
They were alleged to have routinely structured deposits to avoid transaction reporting requirements and to conceal the nature and source of the criminal proceeds, according to the Department of Justice.
Both allegedly exchanged the criminal proceeds for cryptocurrency and directed the cryptocurrency to wallets under the control of their foreign co-conspirators, the department said.
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