In a remarkable achievement, Kerala Police, in collaboration with the Central Bureau of Investigation (CBI), has arrested Alexej Besiokov, a notorious crypto fraud kingpin. Besiokov, originally from Lithuania, was on the radar of US authorities for his involvement in a massive crypto scam. He was planning to flee the country but was apprehended before he could escape. Crypto Scam Of Unimaginable Scale Besiokov is accused of orchestrating a colossal cryptocurrency fraud in the United States. He founded the unlicensed cryptocurrency exchange, Garantex, which he operated for six years. Allegedly, he […]
Crypto Fraud Of Rs 8 Lakh Crore, Fraudster Found In Kerala
In a remarkable achievement, Kerala Police, in collaboration with the Central Bureau of Investigation (CBI), has arrested Alexej Besiokov, a notorious crypto fraud kingpin. Besiokov, originally from Lithuania, was on the radar of US authorities for his involvement in a massive crypto scam. He was planning to flee the country but was apprehended before he could escape.
Besiokov is accused of orchestrating a colossal cryptocurrency fraud in the United States. He founded the unlicensed cryptocurrency exchange, Garantex, which he operated for six years. Allegedly, he used Garantex as a front for laundering criminal proceeds from ransomware attacks, hacking, and narcotics trafficking.
The scale of the fraud is staggering. According to US Secret Service reports, Besiokov laundered around $96 billion (over Rs 8 lakh crore) in cryptocurrency transactions linked to international criminal organizations. Garantex received huge sums of illicit funds, enabling cybercriminals to commit crimes such as hacking, ransomware, terrorism, and drug trafficking.
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Besiokov faces multiple charges, including money laundering, violating the US International Emergency Economic Powers Act, and operating a money services business without a license. He is also accused of aiding in criminal activities by providing a platform for the illicit flow of funds. The case is being tried in the Eastern District Court of Virginia.
Between 2021 and 2024, Garantex facilitated millions of dollars in transactions tied to cybercrime groups like Black Basta, Play, and Conti. These groups are notorious for their ransomware attacks and other malicious cyber activities.
Besiokov’s arrest comes after a request from the United States. The Ministry of External Affairs issued an arrest warrant on March 10 under the Extradition Act of 1962. Subsequently, the CBI and Kerala Police coordinated to locate and apprehend the fugitive in Kerala.
Kerala Police acted swiftly to arrest Besiokov, who was planning to flee the country. Now, the police will present him before the Patiala House Court in Delhi.
This arrest highlights the growing global efforts to combat cryptocurrency-related crimes. The successful joint operation between Kerala Police, CBI, and international agencies underscores the importance of cross-border cooperation in tackling cybercrime. Besiokov’s arrest is a significant step in curbing the growing threat posed by criminal activities involving digital currencies.
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