As a result of operational-search measures and investigative actions, the Investigative Service of the Ministry of Finance of Georgia has arrested the manager of an unregistered virtual asset service provider.
According to the investigation, the accused was executing virtual asset transactions worth tens of millions of US dollars without mandatory registration with the National Bank of Georgia, including converting cryptocurrency into cash. The agency reports that through this activity, the individual facilitated uncontrolled international transactions within the country.
As a result of the investigative actions, the following items were seized:
Computer equipment and dozens of bank cards;
Various types of documentation;
Cash totaling $83,903 USD and €300 EUR;
Cryptocurrency valued at $79,600 USD.
The investigation is ongoing under Article 192, Part 2, Sub-paragraph "a" of the Criminal Code of Georgia, which pertains to illegal entrepreneurial activity and carries a penalty of 3 to 5 years of imprisonment.
According to the Investigative Service, relevant measures are currently underway to identify and expose other individuals involved in the criminal activity, as well as to uncover potential tax evasion and illegal income laundering (money laundering) facts.
As a result of operational-search measures and investigative actions, the Investigative Service of the Ministry of Finance of Georgia has arrested the manager of an unregistered virtual asset service provider.
