A Canadian entrepreneur, Firoz Patel, has been sentenced to an additional three and a half years in a US federal prison for concealing more than $40 million worth of Bitcoin in an undeclared account. This latest conviction marks a significant development in a prolonged legal battle against Patel, whose financial dealings have been scrutinized in connection with global money laundering operations and investigative reports, including the Pandora Papers.

Firoz Patel first gained prominence as the founder of Payza, an online payment platform launched in 2012. Initially marketed as a legitimate financial service, Payza quickly attracted controversy due to its lack of stringent due diligence measures. According to US prosecutors, the platform became a conduit for illicit transactions, enabling criminal activities such as Ponzi schemes, steroid sales, and multilevel marketing scams across multiple jurisdictions.

“Payza, through its robust network of shell companies and criminal associates, became the preferred method for criminals to launder illicit proceeds and transfer funds to other criminal associates,” prosecutors stated. This characterization placed Patel and his company at the center of a major money laundering investigation.

Patel’s legal troubles began in earnest when he was first sentenced in 2020 for conspiracy to commit money laundering. At the time, he declared minimal assets, reporting only $30,000 in a retirement savings account. However, US authorities would later uncover Patel’s concealed cryptocurrency fortune.

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