Texas Jury Convicts Indian National in $150,000,000 Elder Fraud Scheme
Key Summary
A Texas jury has convicted an Indian national, Bhavesh Kumar Thakkar, for laundering $150 million in proceeds from a massive call center scam targeting elderly US victims. Thakkar, 45, was found guilty on two counts of wire fraud and money laundering. The scam, which involved call center scammers based in India, resulted in significant financial losses for many victims. The US Attorney's Office and FBI investigated the case, with two co-defendants already receiving prison sentences and a third awaiting sentencing. The conviction is seen as a major blow to foreign actors who target vulnerable US citizens.
Texas Jury Convicts Indian National in $150M Elder Fraud Scheme
Background
Federal prosecutors have secured a conviction against an Indian national for laundering proceeds from a massive call center scam that targeted elderly US victims. Bhavesh Kumar Thakkar, 45, was found guilty on two counts of wire fraud and money laundering after acting as a US-based coordinator who received and moved cash and gold from victims. The fraud proceeds were obtained by call center scammers based in India. Thakkar worked with co-defendants to ship funds to Los Angeles and New York before laundering overseas.
Investigation
The FBI and Granite Shoals Police Department investigated the case, which resulted in significant financial losses for many victims. Two co-defendants already received prison sentences of 97 months and 63 months, while a third awaits sentencing.
Impact
US Attorney Justin R. Simmons stated that foreign actors, both abroad and here in the United States, cannot be allowed to target Americans, especially our most vulnerable citizens. Many victims lose a significant portion of their life savings to these scammers, leaving victims vulnerable and hopeless. When we find them, we will do all we can to take from them the same sense of freedom and comfort they stole from their victims.
Conclusion
The conviction is seen as a major blow to foreign actors who target vulnerable US citizens. The Daily Hodl will continue to monitor this case and provide updates as necessary. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor.