( PTI) Washington ,dt. 1
The United States District Court has detained a 48-year-old Indian Canadian businessman. This action has been taken by the United States Department of Justice under the charge of laundering $2.4 million worth of Bitcoin.
Feroz Patel, the former operator of Payza.com, was convicted on May 17 on charges of money laundering. District of Columbia Judge Debney L. Friedrich ordered Patel's detention, the US Department of Justice said in a statement.
Earlier, a hearing was held against Feroze and his 42-year-old brother Farhan and their company MH Pillar in the US District Court. It is worth mentioning that a company named MH Pillar was doing business in the name of Payza.
The action was taken against him for dealing and operating an unlicensed internet-based money service business worth more than $250 million.
Money laundering business was run by Payza.com without a license. These two brothers formed companies named Payza.com ,AlertPay.com and EgoPay.com.
According to the agreement made by Feroz Patel, he will have to declare all his properties to the US government. Earlier on November 10 ,2020, Feroz was sentenced to 36 months.
