Saitama CEO Manpreet Kohli faces extradition to US over fraud charges

The extradition follows a sweeping investigation into the Saitama token, a project that once commanded a market capitalization of roughly $7.5 billion. U.S. prosecutors allege that Kohli and his associates orchestrated a deceptive scheme, publicly claiming to hold or purchase tokens while secretly offloading their personal stakes for approximately $20 million in illicit profits. During the proceedings, Kohli’s defense attempted to block the transfer by citing concerns over his mental health and potential suicide risk in U.S. custody. Judge Samuel Goozee rejected these arguments, stating that American prison facilities possess adequate protocols to manage his wellbeing.

Kohli, who remains free on £200,000 bail, now awaits a final decision from British ministers. His case is part of a broader federal crackdown on crypto manipulation known as Operation Token Mirrors. As part of this effort, the FBI launched a fake cryptocurrency project, NexFundAI, to ensnare market makers offering wash-trading services. Several firms, including Gotbit and CLS Global, have already faced criminal penalties for their roles in manipulating trading volumes for tokens like Saitama. While Kohli continues to challenge the underlying indictment in U.S. federal court—specifically arguing against the classification of Saitama as a security—the legal path toward his removal from the UK has cleared significantly.