FBI charges man with $1.7 million scam, exchanging forged checks for Bitcoin

PANews reported on July 1 that according to Decrypt, the US Federal Bureau of Investigation (FBI) accused New York man Tushal Rathod of making $1.7 million through forged checks and business email compromise scams, and converted most of the illegal proceeds into Bitcoin. His alleged crimes occurred between November 2021 and June 2024.

FBI agent Samuel Morgan said Rathod received funds through seven accounts at six financial institutions and sent $1.2 million worth of Bitcoin to external addresses. At least three banks warned him that the source of his funds was illegal, but he forged invoices to cover it up. After the police intervened, he refused to cooperate with the investigation. Court documents show that Rathod also "recruited" his girlfriend and family to assist in the fraud. More than $1 million in fraudulent funds were deposited into his girlfriend and family accounts, and Citibank recovered $800,000. In February 2023, he purchased $900,000 worth of Bitcoin and transferred it away. If convicted, Rathod will face 20 years in prison.