Archive · 27 Aug 2026
Crypto CEO Faces US Extradition Over Alleged $20 Million Fraud
Manpreet Kohli used to lead a cryptocurrency company called Saitama.
US prosecutors say he and others misled people about the company’s digital token.
They allege the group said they were holding the token while secretly selling it.
Prosecutors say Kohli made about $20 million from the alleged scheme.
The token’s value once rose to about $7.5 billion.
Kohli was arrested in London in 2024.
He argued that he should not be sent to the United States, partly because of concerns about his safety in custody.
A British judge rejected his challenge, and British ministers will now decide whether extradition proceeds.
Manpreet Kohli, former Saitama chief executive, lost his challenge against extradition from Britain to the United States.
US prosecutors accuse Kohli and more than a dozen others of wire fraud and cryptocurrency market manipulation.
Saitama’s Ethereum-based token reached a reported market value of $7.5 billion at its peak.
Prosecutors allege Kohli and co-conspirators promoted the token publicly while privately selling holdings for millions in profit.
Judge Samuel Goozee ruled that US custody arrangements could adequately manage Kohli’s mental-health and suicide risks.
- Who
- Manpreet Kohli, former chief executive of Saitama, and more than a dozen alleged co-conspirators are involved; US prosecutors brought the case.
- What
- Kohli faces possible extradition to the United States on wire fraud and cryptocurrency market manipulation allegations.
- When
- Kohli was arrested in 2024; Judge Samuel Goozee rejected his challenge on August 19, with no year specified in the article.
- Where
- Kohli was arrested in London, and the potential trial would take place in the United States.
- Why
- Prosecutors allege that Kohli and others promoted Saitama’s token while secretly selling their holdings for millions of dollars.
Kohli’s challenge
US extradition case
Custody and mental-health safeguards
Kohli’s challenge
Kohli argued that US authorities might not have adequate measures to prevent him from taking his own life while in custody.
US extradition case
Judge Samuel Goozee said appropriate arrangements were in place during Kohli’s transfer and within the US prison system to manage his mental health and reduce the suicide risk to an acceptable level.
Cryptocurrency transactions
Kohli’s challenge
Kohli challenged being sent to the United States to face the allegations.
US extradition case
US prosecutors allege that Kohli and co-conspirators publicly claimed to be buying and holding Saitama tokens while privately selling them for millions in profit.
- Defendant
- Manpreet Kohli, a 45-year-old Indian national and former Saitama chief executive
- Alleged proceeds
- Kohli is alleged to have made approximately $20 million
- Token blockchain
- Saitama promoted a token on the Ethereum blockchain
- Peak token value
- The token reportedly reached a market value of $7.5 billion
- Charges
- US prosecutors allege wire fraud and cryptocurrency market manipulation
- Court ruling
- Judge Samuel Goozee rejected Kohli’s extradition challenge on August 19
- Next decision
- British ministers will decide whether the extradition should proceed