US authorities have sentenced Texas resident Deependra Bhusal to 46 months in jail for his role in a cryptocurrency money laundering conspiracy. In April 2021, 46-year-old Bhusal had pleaded guilty to conspiring to commit money laundering.
Bhusal was a part of a multi-year conspiracy to launder proceeds of various scams. His role was to open bank accounts and mailboxes that would then receive the illicit proceeds. Bhusal also performed financial transactions under $10,000 to evade reporting requirements and to conceal the nature and source of the funds. He personally laundered more than $1.4 million in criminal proceeds.
Bhusal subsequently transferred the illicit proceeds to his foreign co-conspirators. He was also involved in exchanging the proceeds for cryptocurrency to be deposited in wallets controlled by foreign co-conspirators.
Source: US Department of Justice