Manpreet Kohli, the Chief Executive Officer of Saitama has lost his UK court hearings in connection with $7.5 billion token fraud charges. Kohli could likely be extradited to the US to face trial, as prosecutors have charged him with wire fraud and cryptocurrency market manipulation.
According to the charges, Kohli made nearly $20 million while Saitama promoters publicly claimed to hold or buy tokens while privately selling them. The FBI followed up with the investigation, cracking down on the scam, which involved several cover-ups from the team.
The FBI had to create a new NexFundAI to investigate wash trading and fake trading volume emerging from Saitama. The CEO remains free on a £200,000 bail, and can only appeal his extradition after the UK court sends the case to British ministers for a decision.
However, Reuters reported that Judge Samuel Goozee has rejected Kohli’s appeal and sent the case to British ministers on August 19, 2026. The lawmakers will now have to decide whether to order his extradition to the US. Saitama’s CEO Manpreet Kohli is a 45-year-old Indian national currently living in the UK.
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US Extradition of Saitama CEO Manpreet Kohli Likely
Judge Goozee said in his final hearing, “I find there are clearly appropriate arrangements in place both during transit and within the prison system in the US,” and spoke about the Saitama CEO’s mental health, reducing the suicide risk “to an acceptable level.” The British ministers will now take the next necessary steps regarding the extradition process.
The Saitama CEO was first arrested in 2024 by the London police. The arrest came after multiple individuals and businesses accused him of manipulating the cryptocurrency market. They sought the help of US authorities, including the FBI, who created their own cryptocurrency, NexFundAI, and used undercover agents to find his trading activity.