Georgia Detains Exchange Owner in $660M Laundering Probe

The Georgian Prosecutor’s Office announced the arrest of Kakha Kotorashvili, head of currency firm Fin, alleging he led a scheme from 2022–2024 that laundered $624 million and €35 million by smuggling undocumented foreign currency—reportedly originating from Azerbaijan—into Georgia, depositing it in banks with false documentation, and injecting it into the economy through transfers and property purchases. Authorities claim the network used hidden vehicle compartments to bypass customs and processed funds via a currency exchange hub, while the defense argues Kotorashvili cooperated with investigators, denies guilt, and points to systemic failures in banks and state oversight.