The Federal Bureau of Investigation (FBI) has brought charges against six individuals accused of orchestrating an illicit money-transmitting business valued at $30 million, with the help of cryptocurrencies. This revelation stems from court documents filed on Wednesday in the Southern District of New York.
The accused, namely Shaileshkumar Goyani, Brijeshkumar Patel, Hirenkumar Patel, Naineshkumar Patel, Nileshkumar Patel, and Raju Patel, allegedly conducted their operations without the requisite money transmitting license in New York, according to the filed documents, media reports said.
The unsealed affidavit, submitted by an FBI agent seeking the apprehension of the individuals, discloses that the illegal enterprise transpired between July 2021 and September 2023. During this period, the accused reportedly used the darknet to convert bitcoin and other cryptocurrencies into physical cash.
A U.S. Magistrate judge has granted conditional release to at least one of the accused, Naineshkumar Patel, as per court records.
The affidavit includes statements from an unnamed co-conspirator, revealing that some clients profited from drug sales, while the wealthiest among them were hackers. The undercover investigation uncovered that the co-conspirator amassed approximately $30 million over three years through the exchange of cash for virtual currency.
Law enforcement took a significant step on February 7, 2023, when an individual, responsible for mailing cash packages on behalf of the co-conspirator, was apprehended at a post office in Westchester County, New York. This individual later became a confidential source, cooperating with authorities for eight months and participating in around 80 controlled cash pick-ups, amounting to approximately $15 million.
The court filing is supported by photographic and video surveillance evidence, alleging that the accused are unregistered and lack the necessary licensing for operating a money-transmitting business, a requirement in the state of New York.
