Mukesh Daswani sentenced to eight years for Tradex crypto fraud

The Spanish Supreme Court has upheld an eight-year prison sentence for Mukesh Daswani regarding the Tradex cryptocurrency fraud. The case involved a large-scale Ponzi scheme operated from an office in Santa Cruz de Tenerife, which defrauded over one hundred small investors of more than two million euros.

Daswani’s appeal was rejected by the Criminal Chamber, ensuring he remains in custody. The ruling also mandates that he indemnify 117 victims based on the amounts specified in their respective contracts. Additionally, the sentence includes a fine consisting of 24 monthly payments of 20 euros each. The fraud, which collapsed in July 2022, previously led Daswani to flee to the United Arab Emirates.