based on materials from the site - By Cryptopolitan_News

A man is accused of conspiracy to commit fraud using BTC amounting to $1.2 million.

Tushal Rahod, a 44-year-old man from Van Buren, New York, has been charged by the FBI with laundering fake checks totaling $1.7 million. His ex-partner, the mother of his six-year-old child, reported to the FBI that she saw suspicious screenshots on his device, which included evidence of cryptocurrency transactions and conversations in other languages.

According to the affidavit of FBI Special Agent Samuel Morgan, Rahod allegedly received BTC worth $1.2 million through a network of seven bank accounts across six different financial institutions. His former partner noticed this scheme after Rahod repeatedly complained about his bank accounts being closed.
A man is accused of conspiracy to commit fraud using BTC.
Tushal Rahod has been charged with multiple counts, including conspiracy to commit fraud using BTC, money laundering, and conspiracy to commit money laundering with the FBI. The alleged crimes occurred between November 2021 and June 2024. In his affidavit, Samuel Morgan reported that as part of the investigation, the FBI obtained records from Google for [email protected], Apple iCloud accounts associated with the same email address, and [email protected], all under a court order.

FBI Special Agent Morgan asserted that Ratod registered two companies that he used in the scheme. In 2016, Ratod registered T3 Telecom, LLC, a telecommunications company that tested and deployed network devices. He also registered TSV Telecom Constructions LLC in 2021.

Morgan added that from April 2022 to June 2024, the defendant received over $1.7 million in alleged fraudulent proceeds from business email compromise (BEC) fraud and counterfeit checks. The defendant received funds through six different financial institutions, five of which belonged to T3 Telecommunications, and one to TSV Telecommunications.

BEC fraud arises from the hacking of employee credentials through phishing. Fraudsters intercept information about upcoming company payments and trick vendors into making payments through fake domains.

Ratod used at least $1.2 million of the proceeds to purchase bitcoins and sent them to various external addresses. Three financial institutions contacted him in 2022, including Wells Fargo, notifying him that the money deposited into his account was unauthorized and that the account would be closed.

Later that same year, Ratod was contacted by M&T Bank and informed about the fraudulent funds, but he responded with a fake invoice to justify the funds as legitimate income. The defendant stopped communicating with M&T Bank after learning that police records had been filed.

Ratod faces a 20-year prison sentence if convicted.
Tushal Ratod, the accused, allegedly involved others to assist his scheme, including his ex-girlfriend, the owner of the iCloud account associated with [email protected], to establish businesses and open bank accounts for the business.

According to the lawsuit by Samuel Morgan, Ratod also involved family members between May and July 2024 to assist in the scheme, resulting in an additional million dollars being transferred to accounts controlled by his girlfriend and family members. Citibank was able to recover fraudulent funds amounting to $800,000.

Morgan explained that due to his training and experience, he was able to identify fraudsters conducting scams using BEC, often working with an extensive network of money launderers to assist them. He added that fraudsters work with others to use multiple bank accounts to transfer money in a series of convoluted transactions, making it difficult to determine the source or who controls the funds, referring to the scheme as layering or funneling.

A real estate law firm in Rhode Island became the first victim of a BEC fraud recorded in 2022, losing approximately $163,298. The victim received an email from someone posing as an employee of Northpointe Bank, asking the victim to send funds to an account supposedly belonging to the mortgage company Carrington Mortgage, related to a legitimate real estate transaction. California Credit Union was also involved in the scheme as a second victim, losing about $8 million in bank accounts controlled by other fraudsters.


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