Founders of Payza sentenced in the United States for laundering $250 million

Canadian brothers Firoz and Ferhan Patel were sentenced in the United States for money laundering. For their purposes they used their own payment service Payza, which supported Bitcoin and other cryptocurrencies, говорится в press-relеase Department of Justice.

Authorities say the unlicensed operator processed more than $250 million, including proceeds of crime. The charging documents do not mention cryptocurrencies, but since 2014 Payza offered services to buy and sell bitcoins. In 2017 the service added support for 50 altcoins.

In 2018 the brothers were charged with conspiring to operate an unlicensed payments company, money laundering, and running an illegal business in the District of Columbia. In July 2020, the Payza founders pled guilty.

The court sentenced Firoz Patel to 36 months in prison and Ferhan to 18 months. The brothers’ assets amounting to $4.5 million were forfeited, and Payza will be placed under government control for the duration of the probation period.

Earlier this October, the U.S. Department of Justice accused members of a criminal organization of money laundering through cryptocurrency, shell companies and casinos.

Subscribe to ForkLog news on VK!