FBI Busts Indian Citizen Group For $15 Million Crypto-To-Cash Money Laundering Scheme
21 Oktober 2023 - 1:00AM
NEWSBTC
In a recent crypto investigation, the US FBI successfully
infiltrated a group of Indian citizens suspected of engaging in
illicit activities involving the exchange of cryptocurrency for
over $15 million in cash. The alleged transactions took place
at various locations in Westchester County, with the group catering
to customers seeking anonymity for their activities. Crypto Crime
Unveiled According to recent reports, five out of the six suspects
were apprehended on October 17 and subsequently charged in US
District Court, White Plains. The charges primarily revolve
around operating an unlicensed money-transmitting business. The
investigation unfolded with the assistance of law enforcement
agents who monitored 80 “cash hand-offs”. Related Reading:
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The FBI’s scrutiny began in April 2021 when they identified a
suspect operating within the “dark web” criminal
marketplaces. Although the individual remains unnamed in the
criminal complaint, they are believed to be a co-conspirator of the
arrested local suspects. Notably, the suspect offered to ship cash
to customers in exchange for cryptocurrency. According to the
complaint, the unidentified co-conspirator disclosed to an
undercover officer in January that some of their customers were
involved in drug sales, while their wealthier clients were
hackers. The co-conspirator claimed to have amassed
approximately $30 million over three years by exchanging cash for
cryptocurrency. In February, an individual responsible for mailing
packages of cash on behalf of the co-conspirator was arrested. The
complaint reveals that this individual had been receiving sacks of
cash from various individuals, three times a week for 18 months, at
a Westchester County post office. The cash bundles ranged from
$100,000 to $300,000. In a bid to receive leniency during
sentencing, the aforementioned individual agreed to assist the FBI
with their investigation. Over several months (from February 10 to
September 27), they allegedly participated in 80 controlled cash
pick-ups amounting to $15,067,000. One of the arrested individuals,
Raju “Jay” Patel from Flushing Queens, played a significant role in
the operation. The complaint alleges his involvement in 58 cash
transfers totaling $10.8 million. Raju would collect cash
from various locations in George, Massachusetts, North Carolina,
Pennsylvania, and South Carolina. Subsequently, Raju allegedly
coordinated the transfers with the co-conspirator and the FBI’s
confidential source. On March 6, Raju allegedly arranged an
exchange of $250,000 at a Tarrytown supermarket parking lot.
Surveillance conducted by law enforcement agents captured Raju
leaving his Queens apartment with an orange cloth bag, which he
handed over to the FBI’s confidential source upon arrival in
Tarrytown. The bag reportedly contained $249,715. Illicit Cash
Exchange Similar exchanges took place at a parking lot in Port
Chester, further implicating the suspects involved. On August 6,
Shaileshkumar Goyani allegedly handed over a bag containing
$114,000 to the FBI’s confidential source. Apart from Goyani, the
complaint identifies Brijeshkumar “Samir” Patel, Hirenkkumar Patel,
Naineshkumar Patel, and Nileshkumar Patel as additional suspects in
the case. All the suspects are charged with operating an
unlicensed money-transmitting business under New York and federal
laws. Related Reading: Bulls Thrust Solana To $25 – What Traders
Should Expect Next According to an affidavit by FBI agent Lawrence
Lonergan, such unlicensed money-transmitting businesses operate as
shadow banks, enabling funds to pass through without undergoing the
scrutiny imposed by Congress on the United States financial system.
While the allegations against Goyani’s crypto fraud remain
unproven, his defense attorney, Daniel A. Hochheiser, emphasizes
that his client has not been indicted by a grand
jury. Hochheiser further stated that if and when an indictment
is issued, Goyani intends to enter a plea of not guilty. Featured
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