Garantex Administrator Arrested in India: Extradition Law Enforcement in Action

Garantex Administrator Arrested in India: Extradition Law Enforcement in Action

Indian authorities have recently made headlines with the arrest of Aleksej Besciokov, co-founder of Garantex, a Russian cryptocurrency exchange that has faced sanctions from both the European Union and the United States. This significant event underscores the ongoing scrutiny of cryptocurrency exchanges and their compliance with international law.

Details of the Arrest

At approximately 4 p.m. local time on Tuesday, Kerala state police apprehended the Lithuanian national in Varkala, as confirmed by a police official. This action was taken under India’s extradition law, following an arrest warrant issued by the Patiala House Court in New Delhi.

Background on Garantex and the Charges

Last week, the U.S. Department of Justice (DOJ) publicly accused Besciokov of approving transactions on Garantex that were linked to North Korean government hackers and various cybercriminal activities. He faces serious allegations of facilitating money laundering through the exchange.

While the police official did not confirm whether Besciokov’s arrest was directly related to his indictment in the U.S., the implication of extradition laws suggests that his charges are not linked to any crimes committed within India.

Court Proceedings and Extradition

Following his arrest, Besciokov was presented in a local court and is scheduled to appear at the Patiala Court on Monday to address the charges against him. The specifics of the extradition charges remain unclear at this time. The situation was first reported by KrebsOnSecurity.

Garantex’s Response

Despite requests for comments regarding Besciokov’s arrest, Garantex has not responded. Additionally, inquiries directed at U.S. authorities, including the FBI and Secret Service, have also gone unanswered.

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Besciokov’s indictment includes allegations against another co-founder, Aleksandr Mira Serda, who currently resides in the United Arab Emirates. Prosecutors accuse both individuals of restructuring Garantex’s operations to circumvent U.S. sanctions, thereby leading U.S. businesses to unknowingly engage in transactions that violated those sanctions.

Actions Taken by U.S. Authorities

In a significant move, the U.S. Secret Service has seized Garantex’s websites following the issuance of the indictment against Besciokov and Serda. Furthermore, more than $26 million in cryptocurrency has been frozen by U.S. authorities.

In light of these developments, Garantex has temporarily suspended its operations and is offering customers the opportunity for “face-to-face meetings” at its Moscow office to discuss a resolution for blocked assets.

Future of Garantex

On Tuesday, Garantex released a statement indicating that despite the ongoing challenges, the exchange remains committed to fulfilling its obligations to users. The company plans to compensate for blocked user assets using its existing resources within the Russian Federation, following a procedure akin to financial institution rehabilitation.

According to the press release, Garantex will cease its activities after the rehabilitation process is complete, except for its compliance department.

For more insights into cryptocurrency regulations and legal challenges, visit our cryptocurrency regulations page.

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