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Texas Man Jailed for Laundering $1.4 Million in Cryptocurrency


The Department of Justice for the Eastern District of Texas said a member of a fraud group was sentenced to three years in prison for illegal digital asset transactions.

The Justice Department issued a press release stating that Deependra Bhusal has been sentenced to 46 months in federal prison for involvement in money laundering using cryptocurrencies.

Law enforcement agencies clarify that Bhusal created email addresses and opened bank accounts that were used to deposit money stolen by crypto scammers. The Texan, it follows from the case file, ensured the concealment of the sources of illegally acquired money.

The convict split up large amounts of illegal transactions into shares of less than $10,000 in order not to indicate them in tax returns and not to attract unnecessary attention from law enforcement and regulatory authorities. The Justice Department says Bhusal is “personally responsible” for laundering more than $1.4 million in cryptocurrencies obtained illegally.

It follows from the verdict that the Texan acted as part of an organized group, which, in addition to him, included two more people. The accomplices of the perpetrator were found 75-year-old Lois Boyd (Lois Boyd) and 33-year-old Manik Mehtani (Manik Mehtani), natives of Virginia.

Virginians have been charged with money laundering, money laundering conspiracy and violating the Crypto Travel Rule. It is noteworthy that Bhusal was sentenced to less than four years in prison, and his accomplices should receive up to 20 years in prison each.

This week, US authorities confiscated $34 million worth of cryptocurrencies from a Florida resident who hacked accounts of popular services and sold this data on the dark web.

Source: Bits

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