FBI Takes Down $30M Cryptocurrency Laundering Network
The FBI has recently pressed charges against six men for their alleged involvement in an unlicensed cryptocurrency money transmission business, said to have laundered a staggering sum exceeding $30 million.
According to an official criminal complaint lodged in the Southern District of New York, the accused—Shaileshkumar Goyani, Brijeshkumar Patel, Hirenkumar Patel, Naineshkumar Patel, Nileshkumar Patel, and Raju Patel—are believed to have conspired to execute illegal money transfers through an informal value exchange network.
Their purported activities entailed the conversion of cryptocurrency assets into physical cash, which was subsequently dispatched via the United States Postal Service, all the while lacking the requisite state licenses and federal registrations.
Prosecutors contend that these transactions were undertaken with full knowledge that the funds involved were either derived from criminal endeavors or intended to facilitate unlawful activities.
This clandestine operation came to the forefront following the arrest of a confidential informant, who had been diligently packaging and dispatching cash on behalf of the group over an 18-month period.
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In a striking turn of events, this informant ultimately cooperated with law enforcement, partaking in around 80 controlled cash pickups, amounting to a jaw-dropping $15 million.
As revealed in the complaint, one of the accused claimed to have amassed a substantial $30 million by exchanging cash for cryptocurrencies over three years. It is alleged that this individual confided in an undercover agent, acknowledging that his most affluent clientele consisted of hackers, while some were engaged in the illicit trade of narcotics.