Cryptocurrency chief facing extradition from UK to US on fraud charges

The CEO of cryptocurrency firm Saitama, Manpreet Kohli, is set to be extradited from the UK to the United States to face wire fraud and market manipulation charges, according to U.S. prosecutors. Kohli, a 45-year-old Indian national, was arrested in London in 2024 and accused of orchestrating a widespread fraud scheme involving the Saitama token, which at its peak was valued at $7.5 billion.

Prosecutors allege Kohli and others posed as token holders and purchasers while secretly selling the tokens for millions in profit, earning Kohli around $20 million. Despite Kohli's legal battle against extradition, including a claim that the U.S. would not adequately protect him from potential suicide in custody, Judge Samuel Goozee ruled in his favor on August 19, sending the case to British ministers for final decision. Kohli currently remains on £200,000 bail and has the option to appeal the ruling.