Aleksej Besciokov, a Lithuanian national long dismissed as a penny-pinching traveller, who had been staying in Varkala was a key suspect in a staggering $96 billion cryptocurrency fraud case in the US.
Published Mar 23, 2025 | 4:35 PM ⚊ Updated Mar 23, 2025 | 4:35 PM
Aleksej Besciokov is accused of $96 billion cryptocurrency fraud.
Synopsis: On 12 March, Varkala was jolted by the revelation that Aleksej Besciokov, a Lithuanian national who had been residing there, was a key suspect in a $96 billion cryptocurrency fraud case in the US. Arrested by Kerala Police, he is now under judicial custody and facing an extradition battle at Patiala House Court in New Delhi
Varkala, a serene coastal paradise in the Thiruvananthapuram district of Kerala, never imagined that one of its quietest foreign residents would turn out to be an international fugitive.
On 12 March, the sleepy beach town of Varkala was jolted by the revelation that Aleksej Besciokov, a Lithuanian national long dismissed as a penny-pinching traveller, was, in fact, a key suspect in a staggering $96 billion cryptocurrency fraud case in the United States.
Now under judicial custody and facing an extradition battle at Patiala House Court in New Delhi, Besciokov’s arrest has left locals reeling — how did a man on the US Secret Service’s most-wanted list manage to blend into their midst unnoticed?
Aleksej Besciokov.
Before exploring the whereabouts of Besciokov, one will have to understand the alleged crypto crime empire that he built along with his partner, through a platform named Garantex.
For years, Garantex operated in the shadows of the cryptocurrency world — an exchange that, on the surface, looked like just another digital trading platform.
However, behind the scenes, as US authorities say, it was a haven for criminals, hackers, drug traffickers, and even terrorist organisations, laundering hundreds of millions in dirty money.
And the masterminds behind Garantex were Besciokov and Aleksandr Mira Serda. Besciokov is a Lithuanian national who resided in Russia.
As per the indictment filed by the US Department of Justice on 27 February before the United States District Court for the Eastern District of Virginia (Alexandria Division), Besciokov wasn’t just a tech guy.
He was the digital architect of Garantex — a primary technical administrator responsible for securing and maintaining the platform’s critical infrastructure. His partner-in-crime, Mira Serda, served as Garantex’s co-founder and Chief Commercial Officer, ensuring the illicit operation ran smoothly.
Together, they created what the US authorities now call one of the largest cryptocurrency laundering networks in history.
Garantex was no ordinary crypto exchange. It was a financial black hole where criminal proceeds from ransomware attacks, drug trafficking, hacking, and even terrorism were funnelled, cleaned, and redistributed.
According to the United States Secret Service, the platform processed at least $96 billion in cryptocurrency transactions since April 2019.
Despite being flagged by authorities, Besciokov and Mira Serda didn’t just look the other way — they actively misled law enforcement.
US Department of Justice takes down Garantex.
They allegedly provided false customer information to Russian police and took steps to hide the illegal activities running through Garantex’s system. However, no crime empire lasts forever.
On 6 March, the US Secret Service seized three website domain names associated with Garantex: Garantex.org, Garantex.io and Garantex Academy.
A judge in the Eastern District of Virginia authorised the domain seizures, effectively cutting off the platform’s reach.
Besciokov and Mira Serda now face serious charges, including:
For Besciokov, Varkala may have been more than just a coastal retreat — it was his haven.
His connection to this idyllic town began in 2016, and over the years, he ensured he had a discreet sanctuary there. His entry into the local scene was subtle.
He reached out to Salim, a resident who had a two-storey, four-bedroom house for rent.
Besciokov introduced himself as a computer engineer and struck an unusual deal — he would stay only three months a year, but the house should remain vacant in his absence. No other tenants, no questions asked. To the locals, he was a man of mystery.
He rarely engaged in conversations and carried an air of quiet detachment.
When he wasn’t accompanied by family or friends, he spent long hours on his laptop, often working late into the night. His unassuming lifestyle painted the picture of a man from a modest financial background — just another foreigner enjoying Kerala’s coastal charm.
Yet, two things about him stood out — his peculiar haircut and his relentless work on his laptop. These details, insignificant at the time, now loom large in the minds of those who lived near his homestay.
Even today, the people of Varkala are left with a lingering question: How did a fugitive manage to slip into their town, and live undisturbed, till the police arrived at his doorstep on 11 March?
For a man who thought he had slipped under the radar, Besciokov had no idea that the net was tightening around him. Unbeknownst to him, the Secret Service had been meticulously tracking his digital footprint, pinpointing his presence in the coastal town of Varkala.
At the latest, he arrived at Varkala on 11 February. He was accompanied by his wife and two daughters. However, the hunt had begun.
Then, in a sudden and swift move, the US reached out to India’s Ministry of External Affairs (MEA). A chain reaction followed.
According to a CBI press statement issued on 12 March, the US formally requested action under the Extradition Act, 1962. The MEA wasted no time — on 10 March 2025, a Provisional Arrest Warrant was secured from the Additional Chief Judicial Magistrate Patiala House Court in Delhi.
The next day, 11 March, the International Police Coordination Unit of the CBI (IPCU-CBI) activated the final phase. The Kerala Police were brought into the loop.
At a press briefing on 14 March, Thiruvananthapuram Range DIG Ajeetha Begum IPS detailed how the operation unfolded:
“The extradition warrant was forwarded by the CBI to the ADGP (Crime Branch), who then directed Thiruvananthapuram Rural SP K S Sudarshan to coordinate the operation. A special team was formed. And eventually, he was arrested.”
With intelligence placing Besciokov in Varkala, search teams fanned out across the town on 11 March, combing through homestays, lodges, and guesthouses known to house foreign travellers.
A screenshot of the indictment as filed by the US Department of Justice
Then came the moment of reckoning.
Civil Police Officer Jojin Raj was conducting routine checks when he spotted a man standing on a balcony — his eyes locked onto Besciokov’s. A fraction of a second passed but Besciokov knew.
By the time Jojin knocked on the door and demanded his passport, the fugitive realised his game was up. Yet, he wasn’t ready to surrender without one last attempt.
With a calm yet desperate move, Besciokov reached into his pocket and pulled out a bundle of ₹500 notes, subtly offering it to Jojin in a silent bribe. However, the officer stood firm.
Even as he called his superiors to confirm that the man they had been hunting was finally in custody, Besciokov did not attempt to flee or resist. It was as if he had already accepted his fate.
In the aftermath, the police seized electronic gadgets, including mobile phones and laptops, from his hideout. Besciokov — along with the devices — was promptly handed over to the CBI. It’s said he was nabbed at the last moment, just as he was preparing to leave Varkala for Russia.
The police later said, his wife and two daughters flew back on 10 March and he was planning to leave on 11 March. At the time he was taken into custody, Besciokov had packed his bags and had readied himself for the flight.
Following his arrest, the Kerala Police produced him before Delhi’s Patiala House Court on 15 March, after which he was remanded to judicial custody.
Advocate Ashish Panday of Legum Attorney, representing Besciokov at the Patiala House Court, told South First: “He remains in judicial custody, and the extradition hearing is still ongoing. The next hearing date has yet to be scheduled.”
(Edited by Muhammed Fazil.)
