Manpreet Kohli is closer to being extradited from the UK to the US after a British judge rejected his challenge over fraud and market-manipulation charges tied to the Saitama cryptocurrency project.
Kohli, who led Saitama when its token reached a market value of about $7.5 billion, is accused by US prosecutors of secretly selling tokens while publicly claiming to hold and purchase them. Prosecutors allege Kohli made about $20 million from the sales.
Extradition Fight
Kohli lost his extradition challenge on Aug. 19 after Judge Samuel Goozee rejected his arguments and referred the case to British ministers, who will decide whether to order his extradition. Kohli can still appeal the ruling.
Related: Rajasthan Man Loses ₹17.71 Lakh in Crypto Scam: Can Victims Recover Money?
Kohli had argued that US custody would not provide adequate safeguards against suicide. Goozee rejected the argument, saying appropriate arrangements were available during transit and within the US prison system to manage Kohli’s mental health and reduce the risk to an acceptable level.
Kohli remains free on £200,000 bail as the extradition process continues.
Saitama Case Moves Forward
Earlier this month, a federal judge in Boston rejected Kohli’s bid to dismiss the indictment. Kohli had argued that the Saitama token could not legally be treated as a security under US securities law.
The case dates to 2024, when Kohli was arrested in London following an FBI investigation into alleged crypto fraud and market manipulation. Prosecutors accuse Kohli and others of misleading investors about their Saitama holdings while secretly selling tokens for profit.
Related: SEC Moves to Revamp Crypto Custody Rules as Congress Stalls Bill
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
