India Arrests Aleksej Besciokov, Garantex Co-Founder, at U.S. Request Over $96 Billion Cryptocurrency Money Laundering Charges

Indian authorities have arrested Aleksej Besciokov, a 46-year-old Lithuanian national and co-founder of the Russian cryptocurrency exchange Garantex, in the state of Kerala. The arrest took place in the city of Thiruvananthapuram, specifically in the coastal municipality of Varkala, and was made at the request of the United States. Besciokov faces charges in the U.S. related to money laundering, sanctions violations, and operating an unlicensed money-transmitting business. The U.S. Justice Department had previously dismantled the online infrastructure of Garantex and charged Besciokov and another administrator, Aleksandr Mira Serda, with facilitating illicit financial activities. Garantex, which was sanctioned by the U.S. in April 2022, has been accused of processing over $96 billion in cryptocurrency transactions since April 2019. The exchange allegedly aided criminal groups, including ransomware operators like the Lazarus Group, which is linked to North Korea hackers, as well as drug traffickers. Besciokov was apprehended as he was planning to flee the country, following a provisional arrest warrant issued by India's Ministry of External Affairs under the Extradition Act of 1962. The arrest of Besciokov is part of a broader international effort to combat money laundering through cryptocurrency exchanges. The U.S. is expected to pursue his extradition to face trial in the Eastern District of Virginia.