U.S. court actions in Boston also reaffirmed that the Saitama token could be considered a security, strengthening the government’s case against Kohli.

The charges trace back to Operation Token Mirrors, a broader DOJ probe announced in October 2024 into alleged fraud and wash trading involving Kohli and 18 others.

Kohli was arrested in London in 2024 as part of the U.S. case alleging a coordinated fraud scheme selling Saitama tokens for millions, with Kohli reportedly earning about $20 million.

Prosecutors allege Kohli coordinated token purchases across multiple wallets and paid firms to wash trade on exchanges, resulting in substantial illicit profits.

Manpreet Kohli, the 45-year-old Indian national and former CEO of the UK-based Saitama project, faces extradition to the United States on charges including wire fraud, market manipulation, and related conspiracy offenses connected to the Saitama token.

U.S. prosecutors allege Kohli orchestrated a multi-faceted scheme involving pump-and-dump activity, wash trading, and operating an unlicensed money-transmitting business tied to a token that once carried a market cap around $7.5 billion.

Kohli did not comment on the case when contacted, and his U.S. attorney did not respond to requests for comment.

Kohli is awaiting a decision on extradition after a judge’s ruling, with potential further legal action and appeals ahead.

Earlier this year, a Boston federal judge denied Kohli’s bid to dismiss the indictment, ruling that the Saitama token can be treated as a security under U.S. law.

The extradition decision follows that same ruling on the token’s security status, which undermined Kohli’s attempt to dismiss the indictment.

A British judge rejected Kohli’s bid to avoid extradition and referred the case to the UK government for ministerial decision, with Kohli released on £200,000 bail pending appeal.

The judge found mental health safeguards could mitigate risk in custody, allowing Kohli to remain free on bail while pursuing appeals.