The FBI has infiltrated a group of Indian citizens who allegedly exchanged cryptocurrency for more than $15 million in cash at locations in Westchester County, on behalf of customers whose activities required anonymity.
Five of the six suspects were arrested Oct. 17 and charged in U.S. District Court, White Plains, with operating an unlicensed money transmitting business.
Law Enforcement agents monitored 80 cash hand-offs by using a confidential source to participate in the transactions.
The FBI had identified a suspect in April 2021 who was operating on “dark web” criminal marketplaces. The individual, who is described as a co-conspirator of the local suspects and who is not named in the criminal complaint, was offering to ship cash to customers in exchange for cryptocurrency.
The co-conspirator told an undercover officer this past January that some of his customers were selling drugs and his wealthiest clients were hackers, according to the criminal complaint. He claimed that he had made about $30 million in three years exchanging cash for cryptocurrency.
In February, an individual who had been mailing packages of cash from a Westchester County post office, on behalf of the co-conspirator, was arrested. He had been receiving sacks of cash from individuals about three times a week for 18 months, the complaint states, and shipping the cash to the co-conspirator’s customers. The bundles ranged from $100,000 to $300,000.
He agreed to assist the FBI in its investigation, the complaint states, in the hope of receiving consideration at his sentencing. He participated in 80 controlled cash pick-ups totaling $15,067,000, from Feb. 10 to Sept. 27.
Raju “Jay” Patel, of Flushing Queens, participated in 58 cash transfers totaling $10.8 million, according to the complaint. He picked up cash at various locations in George, Massachusetts, North Carolina, Pennsylvania, and South Carolina, and then coordinated the transfers with the co-conspirator and the FBI’s source.
On March 6, for instance, Raju allegedly set up a 12.15 p.m. exchange of $250,000 at a supermarket parking lot in Tarrytown.
Law enforcement agents watched and photographed Raju leaving his Queens apartment carrying an orange cloth bag and being driven to Tarrytown by an unknown man.
Raju handed over a $1 bill. He had photographed the bill, showing its serial number, and messaged it to the co-conspirator. The co-conspirator sent the photo to Raju to display to the pick-up person, so that everyone could identify one-another anonymously.
Raju then allegedly handed over the orange bag to the FBI source. The bag, according to the complaint, contained $249,715.
Similar transfers took place at a store parking lot in Port Chester.
On August 6, according to the complaint, Shaileshkumar Goyani handed over a bag with $114,000 to the FBI source.
The complaint also names as suspects Brijeshkumar “Samir” Patel, Hirenkkumar Patel, Naineshkumar Patel, and Nileshkumar Patel.
The complaint charges the men with operating an unlicensed money transmitting business, under New York and federal laws. According to an affidavit by FBI agent Lawrence Lonergan, the such a business operates “as a shadow bank through which funds can pass without being subjected to the scrutiny that Congress has sought fit to impose upon the United States financial system.”
Goyani’s attorney, Daniel A. Hochheiser, describes the allegations against his client as unproven. “Goyani has not been indicted by a grand jury,” he said.
“If and when a grand jury issues an indictment, Goyani will enter a Not Guilty plea.”
