Garantex: Indian authorities detain wanted crypto exchange exec

One of the suspected administrators of the cryptocurrency exchange Garantex has been arrested in India at the request of the United States.

The arrest of Lithuanian citizen Alexey Beshchyokov (Beschekov) occurred on March 11 according to Russian media, who cited a source familiar with the investigation.

According to their source, Russian law enforcement agencies were involved in investigating Garantex's activities.

Cybersecurity expert and former Washington Post journalist Brian Krebs also reported the arrest of the exchange administrator in his blog. According to Krebs, Beshchyokov was detained by Indian law enforcement while on vacation with his family.

According to the Russian article, Beshchyokov is currently in Delhi, awaiting extradition to the United States. The source added that until now, the search for Garantex administrators had been conducted in a "dormant" mode.

Garantex refused to comment on the case stating their policy of not disclosing information regarding individuals.

The cryptocurrency exchange was founded in 2019 and originally registered in Estonia. It primarily served Russian-speaking users and became known for its lax compliance with anti-money laundering (AML) regulations.

In 2022, the US Treasury Department sanctioned Garantex, accusing it of facilitating illicit transactions, including money laundering and ransomware payments. The exchange continued operations despite the sanctions, leading to further scrutiny from international authorities.

In March 2024, a joint operation by US, German, and Finnish law enforcement froze its activities. 

By Nazring Sadigova