Manpreet Kohli faces possible extradition from Britain to the United States after losing his latest legal challenge. The 45-year-old Saitama chief faces wire fraud and market manipulation charges over alleged crypto trading misconduct.
Kohli lost the challenge on August 19, when Judge Samuel Goozee rejected his objections to extradition. The ruling sends the case to British ministers, who must decide whether Kohli can leave Britain for trial.
US prosecutors accuse Kohli and other Saitama executives of secretly selling tokens while publicly claiming purchases. Prosecutors say the alleged trades generated around $20 million for Kohli during Saitama’s rapid market rise.
The Ethereum token project reached about $7.5 billion in market value at its peak. London police arrested Kohli in 2024 after US authorities expanded a major cryptocurrency fraud investigation.
The FBI created a digital token during the investigation to help identify suspected market manipulation. Kohli challenged extradition partly over concerns about mental health safeguards during detention in the United States.
Judge Goozee said appropriate arrangements could manage those concerns during transit and inside the US prison system. “I find there are clearly appropriate arrangements in place both during transit and within the prison system.”
Kohli remains free on £200,000 (approx Rs. 2,59,70,960) bail while British ministers consider the extradition request. He can still pursue available appeals, although the latest ruling removes a major obstacle to extradition.
A federal judge in Boston also rejected Kohli’s attempt to dismiss the US indictment earlier this month. The defense argued that Saitama tokens could not qualify as securities under American securities law.
The ruling keeps the US prosecution active while Kohli awaits Britain’s final extradition decision. The allegations remain unproven until a court determines the outcome of the criminal case.
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