Police in India have apprehended Aleksej Besciokov, the co-founder of the Russian cryptocurrency exchange Garantex, after the European Union imposed sanctions on the platform for its role in facilitating money laundering.

According to officials from the Indian state police, Besciokov, a Lithuanian citizen, was taken into custody in Kerala under India’s extradition laws.

Aleksej Besciokov
(@Hack_Hound_ on Twitter)

Besciokov’s Arrest During Family Holiday

The arrest took place on March 11, following a warrant issued by the Patiala House Court in New Delhi. Reports suggest that Besciokov was on vacation in India with his family at the time of his arrest. He is scheduled to appear in a local court in Varkala, Kerala, before being transferred to Delhi.

Indian authorities are yet to clarify if Besciokov’s arrest is directly linked to his indictment in the US; however, his extradition status implies he isn’t facing legal charges within India.

Garantex’s Involvement with Sanctions

🚨 The Garantex exchange has been sanctioned for its connections to money laundering. Besciokov and his partner Aleksandr Serda are facing charges in the US…Read more.

Garantex ceased operations on March 6 following Tether’s decision to freeze about $2.5 billion tied to the exchange. This closure happened after US Treasury sanctions were applied in April 2022 due to the exchange’s involvement with illicit funds linked to cybercrime and other illicit activities.

Besciokov, known by the hacker alias “proforg,” allegedly oversaw the technical aspects of Garantex while being involved in transactions associated with North Korean cybercriminals and Russian elites circumventing sanctions.

Serda Still Evading Authorities

The arrest of Besciokov comes days after US authorities unsealed charges against him and his co-founder Aleksandr Serda for conspiracy to commit money laundering.

Besciokov faces additional charges for operating an unlicensed money transmission business, which can incur severe penalties. Authorities in multiple countries are simultaneously targeting Garantex’s operations, including seizing servers and freezing significant assets linked to the exchange.

As the investigation unfolds, Serda remains at large, believed to be operating from the UAE, where he is also implicated in the alleged money laundering activities of Garantex.

Key Points

• Aleksej Besciokov arrested in India for alleged ties to Garantex exchange.
• Scheduled to appear in court in Delhi on March 14.
• Likely extradition to the US pending for money laundering charges.
• Aleksandr Serda, co-founder, remains unapprehended.