A man from Baldwinsville, New York, has been accused of using fake checks and email scams to collect nearly $1.7 million, most of which was converted into Bitcoin
According to court documents, the FBI explained that Tushal Rathod carried out this scheme between November 2021 and June 2024.
The case centers on a type of scam known as business email compromise. This involves tricking companies into sending payments to the wrong accounts by stealing email login information and watching for upcoming transactions.
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Rathod is reported to have used this method while operating several business bank accounts to receive and move the stolen money.
Seven bank accounts across six different banks were used. Records indicated that around $1.2 million was converted into Bitcoin and sent to unknown addresses.
At least three of the banks warned Rathod that the deposits looked suspicious. In response, he provided an invoice to explain the money, but it turned out to be fake. One bank showed this invoice to a victim, who confirmed it was not real.
The FBI also said Rathod allegedly involved his girlfriend and family members by transferring funds through their accounts. Over $1 million passed through their hands, though Citibank was able to recover $800,000 of that amount.
Rathod faces several charges, including wire fraud and money laundering. If convicted, he could spend up to 20 years in prison.
Recently, US prosecutors have charged four North Korean citizens with wire fraud and money laundering. What happened? Read the full story.
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