A man from Baldwinsville, NY, Tushal Rathod, has been charged by the FBI for allegedly generating $1.7 million through counterfeit checks and business email compromise scams, converting much of the proceeds into Bitcoin. Charged with wire fraud, conspiracy, and money laundering, his activities reportedly occurred between November 2021 and June 2024. Scammers typically use 'spearphishing' to steal login details, intercepting payment information to deceive vendors. Rathod is accused of using seven bank accounts across six banks to receive funds, with $1.2 million in Bitcoin sent to external addresses. Despite warnings from banks about the fraudulent nature of the funds, Rathod allegedly created fake invoices to mask his activities. He reportedly involved his girlfriend and family in the scheme, with over $1 million deposited into their accounts. In February 2023, he purchased Bitcoin worth $900,000 and transferred it to an unknown recipient. If convicted, Rathod could face up to 20 years in prison. Read more AI-generated news on: https://app.chaingpt.org/news

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