Saitama CEO Faces Market Manipulation Charges, To Be Extradited to the US

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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