US authorities have charged 75-year-old Lois Boyd and 33-year-old man Manik Mehtani for their roles in a cryptocurrency money laundering scheme. Their charges include violation of the Travel Act, money laundering, and money laundering conspiracy.
Authorities believe that Boyd and Mehtani conspired with others to receive illicit funds from various fraud schemes and launder the proceeds through cryptocurrency. The defendants allegedly had routinely structured deposits to evade transaction reporting requirements and conceal the source of the illicit funds.
Boyd and Mehtani further laundered the proceeds by exchanging them for cryptocurrency and transferring the cryptocurrency to their foreign co-conspirators. Overall, the defendants and their co-conspirators allegedly laundered more than $750,000.
Source: US Department of Justice