Saitama cryptocurrency executive Manpreet Kohli is facing extradition from the United Kingdom to the United States after losing a legal challenge against his extradition. Kohli, who led Saitama when the token reached a reported market value of about $7.5 billion, is accused by U.S. prosecutors of wire fraud, market manipulation and related offenses. He remains on bail in the UK while he can appeal the extradition decision.
Manpreet Kohli, the former chief executive of cryptocurrency company Saitama, is facing extradition from the United Kingdom to the United States after a British judge rejected his challenge to being sent to the U.S. to face criminal charges.
Kohli, an Indian national, was arrested in the UK in October 2024 after U.S. authorities charged him and others in an investigation into alleged fraud and manipulation in cryptocurrency markets. The U.S. Department of Justice said Kohli was the chief executive of Saitama, a cryptocurrency company whose token reached a market value of about $7.5 billion at its peak.
U.S. prosecutors allege that Saitama's leadership made false statements about the company's operations and the ownership of its tokens while secretly selling substantial amounts of the cryptocurrency. The indictment accuses Kohli of wire fraud, market manipulation and conspiracy-related offenses.
According to U.S. authorities, Saitama's leadership allegedly coordinated transactions designed to create the appearance of genuine market activity and attract additional investors. Prosecutors also allege that company executives secretly sold tokens while benefiting from the resulting price increases.
The case formed part of a wider U.S. crackdown on cryptocurrency fraud known as Operation Token Mirrors. The FBI said the investigation involved the unprecedented creation of a digital token and company as part of an undercover operation to identify suspected market manipulation and fraudulent activity in the crypto sector.
Kohli challenged his extradition in the UK, including arguments concerning the conditions he would face in U.S. custody. A British judge rejected his challenge on August 19, 2026, according to the information provided in the latest court proceedings. The ruling moves the case toward a decision by British authorities on whether he should be surrendered to the United States. Kohli remains on bail in the UK and retains the right to appeal the extradition decision.
The U.S. case also includes a civil enforcement action by the U.S. Securities and Exchange Commission, which accused Kohli and other Saitama promoters of manipulating crypto assets that were offered and sold as securities. The SEC alleged that the defendants created the appearance of an active market to encourage retail investors to buy the assets.
The criminal allegations against Kohli remain allegations, and he is presumed innocent unless proven guilty in a U.S. court. The U.S. Department of Justice specifically stated that the details contained in its charging documents are allegations and that defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt.
The case highlights the increasing willingness of U.S. authorities to pursue cryptocurrency executives across international borders as regulators and law enforcement agencies intensify efforts to combat market manipulation and fraudulent activity involving digital assets.
Comments (0)
You must be logged in to post comments.
No comments yet. Be the first to start the conversation!