(Bloomberg) -- A London-based fintech owner accused of helping drug traffickers launder hundreds of millions of euros through a crypto exchange platform must be extradited to Belgium to face criminal charges, a London judge ruled.
Caio Marchesani, who owns Trans-Fast Remittance a payments business regulated by the Financial Conduct Authority, is alleged to have hoarded vast amounts of cash for Sergio Roberto De Carvalho, a Brazilian described by Interpol as one of the world’s most wanted kingpins before his arrest in 2022. Marchesani also is accused by prosecutors of managing crypto accounts for Flor Bressers, a Belgian national known as the “finger cutter.”
Marchesani, who was arrested at Heathrow Airport in May, will have seven days to appeal against the order, a London judge said on Tuesday approving his removal.
Marchesani’s lawyer and the prosecution declined to comment immediately after the Tuesday ruling.
“I have not been involved in money laundering the proceeds of drug sales for the alleged organized criminal group,” Marchesani had said in his statement filed at court last month.
The prosecution’s case has “false, vague, ambiguous or inaccurate particulars,” his lawyers at law firm Mishcon de Reya previously said. “What is clear however, is that none of the allegations against him relate to any of his business interests in the UK.”
The efforts to extradite Marchesani is part of a broader investigation that kicked off three years ago after the Dutch government seized more than 12 tonnes of cocaine, worth more than €260 million ($278 million) at Europe’s busiest port, Rotterdam. Authorities traced the haul to Bressers and De Carvalho, later zeroing in on Marchesani after a breakthrough in decoding encrypted communications.
“He is a dark banker who receives money, either in cash, crypto or both - it matters not - and moves it around at the will of the criminal organization in order to disguise its origins,” the prosecutors acting for the Belgian authorities alleged at an earlier hearing.
A trial of 30 defendants in the case, including Bressers, started in Belgium earlier this month but was immediately postponed, according to local press reports.
A pre-recorded message left by Trans-Fast’s when contacted by phone said the payment service is currently offline and it aims to restart services soon. Companies House filings from August show another owner has been added to the registry.
(Updates with comments made by Marchesani in his witness statement in the fourth paragraph.)
©2023 Bloomberg L.P.