Tushal Rathod, a 44-year-old man from Van Buren, New York, has been charged by the FBI with laundering counterfeit checks amounting to $1.7 million. His former partner reported suspicious transactions found on his device.
Charges Against Tushal Rathod
Rathod has been charged with conspiracy to commit wire fraud, money laundering, and conspiracy to commit money laundering. The alleged crimes took place between November 2021 and June 2024.
Methods of Fraud and Money Laundering
According to FBI Special Agent Samuel Morgan, Rathod allegedly received $1.2 million worth of BTC through a network of seven bank accounts. He utilized these funds to purchase Bitcoin and transferred them to various external addresses. Rathod also incorporated two companies to facilitate his schemes.
Consequences and Potential Sentencing
If convicted, Rathod faces up to 20 years in prison. According to the FBI, the total financial losses due to his schemes exceeded $1.7 million, including significant amounts lost by the fraud victims.
The case of Tushal Rathod highlights the growing issue of cryptocurrency fraud and the serious consequences that may arise from such actions.
