Indian Authorities Arrest Russian Cryptocurrency Exchange Garantex’s Main Tech Developer Aleksej Besciokov

Indian authorities have arrested Aleksej Besciokov, the main technical developer of the now-defunct cryptocurrency exchange Garantex, charging him with allegedly assisting the platform in laundering over $96 billion, involving illegal transactions related to hacking, ransomware, and terrorist financing. The U.S. Department of Justice has filed multiple charges against him and may seek his extradition to the United States for trial.

Besciokov Accused of Assisting Garantex in Laundering $96 Billion

According to Reuters, Indian authorities recently arrested Aleksej Besciokov, one of the key developers and technical managers of Garantex, the now-closed illegal cryptocurrency exchange.

The 46-year-old Lithuanian, who has long resided in Russia, served as Garantex’s chief technology officer from 2019 to 2025, responsible for maintaining critical infrastructure and auditing transactions. He assisted Garantex co-founder and Chief Business Officer Aleksandr Mira Serda in operating the platform, and both are alleged to have aided transnational criminal organizations and terrorist groups in conducting cross-border money laundering and violating sanctions.

The indictment from the U.S. Department of Justice states:

“Since April 2019, Garantex has processed over $96 billion in cryptocurrency transactions, becoming a significant tool for hacking, ransomware, drug trafficking, and terrorist financing.”

Concealing Criminal Financial Flows, U.S. Imposes Comprehensive Sanctions

The indictment notes that Besciokov and Mira Serda were well aware of Garantex’s involvement in laundering funds from criminal activities and took measures to cover up illegal transactions on the platform, including providing incomplete transaction data to law enforcement agencies in various countries.

In April 2022, Garantex was sanctioned by the U.S. Office of Foreign Assets Control (OFAC) due to the platform’s facilitation of ransomware attackers and the darknet market Hydra in laundering money. However, Besciokov and his accomplices still attempted to evade sanctions by frequently changing wallet addresses and continuing transactions with U.S. businesses, making it challenging for U.S. authorities to track them:

“Even though Garantex operated large-scale financial activities in the U.S., the platform never registered with the relevant authorities as required by U.S. financial regulations.”

International Joint Law Enforcement, U.S. Dismantles Garantex Website

Just last week, the U.S. Department of Justice (DOJ) announced that it had taken action alongside law enforcement agencies from Germany and Finland, successfully dismantling Garantex’s online infrastructure and blocking its website and related assets.

The U.S. Secret Service (USSS) executed court-authorized seizure warrants, blocking the domains Garantex.org, Garantex.io, and Garantex.academy, which are associated with Garantex operations. Users attempting to access these websites will now see a notice of seizure from law enforcement agencies.

It is reported that the three parties jointly obtained and controlled Garantex’s servers and user financial databases while freezing over $26 million in illegal funds.

Despite this, Garantex reportedly continued holding in-person meetings at its Moscow office, trying to “fully compensate” customers using assets within Russia that had not been seized.

Besciokov Faces Extradition to the U.S., Possible Sentence of Up to 45 Years

Currently, Mira Serda remains in the United Arab Emirates (UAE) and has not been arrested. Besciokov, however, is detained in India and may be extradited to the U.S. for trial. He is scheduled to make his initial court appearance in India on March 18. Both individuals are charged with conspiracy to commit money laundering, which carries a maximum sentence of 20 years.

Additionally, Besciokov faces:

• Violating the International Emergency Economic Powers Act (IEEPA), which could lead to a maximum sentence of 20 years;
• Operating an unregistered financial business, which could lead to a maximum sentence of 5 years.

The Department of Justice emphasizes that this operation demonstrates the commitment of the U.S. and international law enforcement agencies to combat illegal cryptocurrency trading and transnational money laundering activities.

Risk Warning

Investing in cryptocurrency carries a high level of risk, and prices may be highly volatile, potentially resulting in the loss of your entire principal. Please assess risks carefully.