Vilhelmas Germanas vows to prove innocence in court over cryptocurrency equipment fraud case

Businessman Vilhelmas Germanas has pledged to fight fraud allegations in court, insisting he will prove his innocence in a case involving the alleged misappropriation of €23 million worth of cryptocurrency mining equipment, BNS reports.

Speaking to media on Friday, Germanas emphasised that an ongoing arbitration dispute with Chinese firm Bitmain—launched “long before this pre-trial investigation began”—supports his claim that no criminal wrongdoing occurred. “I stress that I am preparing to defend my rights in court and prove that I am innocent,” he said, arguing the case stemmed from “ordinary business practice” after China failed to fulfil contractual obligations.

Germanas and co-defendant Mindaugas Navickas stand accused of orchestrating a four-person criminal group that fraudulently acquired the high-value equipment. Prosecutors allege the pair, alongside two others, deceived suppliers while acting through a Lithuania-registered company. Germanas dismissed the characterisation of the group as a “notorious gang,” stating the individuals were merely “participants in a business process, like any of you could be.”

The case, now before Vilnius District Court, was separated from a broader pre-trial investigation into financial technology firm Foxpay, where Germanas and six others—including Foxpay shareholder Ieva Trinkūnaitė and Monika Navickienė’s husband, Mindaugas Navickas—face charges of money laundering (€17 million) and bribery (€100,000). Germanas is additionally accused of possessing forged Greek, Portuguese, and Bulgarian identity documents bearing his photo.

Prosecutors confirm the Foxpay-related probe remains active.