- Manik Mehtani allegedly conspired with others to receive victim money derived from a variety of fraud schemes.
An Indian American man is one of two Virginia residents indicted for his role in a cryptocurrency money laundering scheme in Texas. According to a DOJ press release, Manik Mehtani, 33, of McLean, and Lois Boyd, 75, of Amelia Court House, were each charged with a violation of the Travel Act, money laundering, and money laundering conspiracy.
Citing the indictment, the DOJ said Mehtani and Boyd allegedly conspired with others to receive victim money derived from a variety of fraud schemes, the proceeds of which they laundered through cryptocurrency. In the process, the pair allegedly structured the deposits “in order to avoid transaction reporting requirements and to conceal the nature and source of the criminal proceeds,” the DOJ said.
“Additionally, the duo allegedly “exchanged the criminal proceeds for cryptocurrency and directed the cryptocurrency to wallets under the control of their foreign co-conspirators.” In the course of their operation, Boyd, Mehtani, and their co-conspirators allegedly laundered more than $750,000.00, the DOJ added.
In August 2020, Mehta and Boyd traveled to Longview, Texas, where they attempted to exchange more than $450,000 for Bitcoin. They were temporarily detained and the money was seized.
If convicted, Boyd and Mehtani face up to 20 years in federal prison.