TYLER, TX – Deependra Bhusal, 46, of Irving, Texas, is headed to federal prison after admitting his central role in a multi-year cryptocurrency money laundering conspiracy, federal authorities announced today. Bhusal was sentenced to 46 months behind bars by U.S. District Judge Jeremy D. Kernodle, following a guilty plea entered on April 30, 2021, to conspiracy to commit money laundering.
The scheme, exposed by a U.S. Secret Service investigation, involved washing criminal proceeds from a variety of scams. Bhusal’s job was to set up the infrastructure – opening bank accounts and mailboxes – to receive funds stolen from victims. He then engaged in a classic “structuring” technique, breaking down deposits into amounts under $10,000 to avoid triggering mandatory reporting requirements. This deliberate attempt to fly under the radar wasn’t enough to keep him from facing justice.
According to court documents, Bhusal didn’t just hold the money; he actively moved it. The illicit funds were exchanged for cryptocurrency, then directed to digital wallets controlled by co-conspirators located overseas. In August 2020, Bhusal and his accomplices were caught red-handed attempting to convert approximately $450,000 in dirty money into Bitcoin in Longview, Texas. The operation ultimately funneled a staggering $1,437,358.99 through Bhusal’s accounts.
The sentencing of Bhusal is just one piece of a larger investigation. Lois Boyd, 75, of Amelia Court House, Virginia, and Manik Mehtani, 33, of McLean, Virginia, were recently indicted by a federal grand jury on charges of violating the Travel Act, money laundering, and conspiracy to launder money. If convicted, Boyd and Mehtani each face up to 20 years in federal prison. It’s crucial to remember an indictment is not proof of guilt, and both defendants are presumed innocent until proven otherwise.
This case was a coordinated effort as part of the Organized Crime Drug Enforcement Task Forces (OCDETF) program, a multi-agency initiative designed to dismantle high-level criminal organizations. The Secret Service and the U.S. Postal Inspection Service spearheaded the investigation, with Assistant U.S. Attorneys Nathaniel C. Kummerfeld and L. Frank Coan, Jr. handling the prosecution. The OCDETF program aims to disrupt and dismantle criminal enterprises that pose a significant threat to the United States.
The U.S. Secret Service continues to prioritize combating the illicit use of digital assets, recognizing the growing role of cryptocurrency in facilitating criminal activity. This case serves as a warning: attempting to hide criminal profits through cryptocurrency won’t shield you from federal prosecution. The agency has dedicated resources to tracking and seizing illegally obtained digital funds, and bringing those responsible to justice.
Related Federal Cases
- Delroy Anderson, Money Laundering, Connecticut 2024 · Texas
- Paskin, Money Laundering, Ohio 2023 · Virginia
- Free Money Gang Members Face Justice, Houston TX, 2023 · Virginia
- Michelle Coppola, Theft of Public Money, Virginia 2023 · West Virginia
- Sameer Sami Rasheed Al Salman, Unlicensed Money Remitting, Texas 2024 · Virginia
Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
Get the grimiest stories delivered weekly. Subscribe free
Browse More
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News