Former Saitama executive Manpreet Kohli has moved a step closer to extradition from the UK to the US after a British judge rejected his challenge to the request. The case centers on US fraud and market-manipulation charges linked to the Saitama cryptocurrency project.
US prosecutors allege Kohli secretly sold Saitama tokens while publicly saying he was holding and buying them, generating about $20 million from those sales. Kohli can still appeal the UK ruling.
UK court rejects challenge
On Aug. 19, Judge Samuel Goozee turned down Kohli’s extradition challenge and referred the matter to British ministers. They will now decide whether to order his extradition to the United States.
The ruling does not end the process. Kohli still has the option to appeal, meaning the case is not yet finally resolved in the UK.
US allegations focus on token sales
American prosecutors accuse Kohli of fraud and market manipulation tied to the Saitama token. According to the allegations, he sold tokens in secret while publicly presenting himself as someone who continued to hold and purchase them.
Prosecutors say those sales brought in about $20 million. The allegations relate to a period when Kohli was leading Saitama and the token’s market value had climbed to roughly $7.5 billion.
Parallel court setback in the US
The UK decision follows a separate setback for Kohli in the United States. Earlier in August, a federal judge in Boston rejected his attempt to dismiss the indictment.
Kohli had argued that the Saitama token could not legally be treated as a security under US securities law. With that bid denied, the criminal case in the US remains active while extradition proceedings continue in Britain.
How the case developed
The matter traces back to 2024, when Kohli was arrested in London after an FBI investigation into alleged crypto fraud and market manipulation.
US prosecutors say Kohli and others misled investors about their Saitama holdings while secretly selling tokens for profit. The next confirmed step is a decision by British ministers on the extradition request, unless an appeal alters the timetable.
Source: Coin Edition