The man is said to have converted $1,700,000 worth of fake checks and fraudulent wire transfers into Bitcoin after multiple scams -

A central New York man is currently in custody for converting fraudulent checks worth $1.7 million into Bitcoin (BTC).

Tushal Rathod is charged with wire fraud, money laundering and conspiracy to commit money laundering, according to official district court documents in Rhode Island.

The court documents show an affidavit by FBI special agent Samuel Morgan detailing Rathod’s claim.

Between 2022 and 2024, Morgan claims that Ruthod raised nearly $2 million in fraudulent check and business email compromise (BEC) scams.

According to the affidavit,

“During BEC, scammers obtain login credentials for email users for business email accounts. The credentials are usually obtained during the “spear phishing” cyber campaign. ”

At BEC, burglars use stolen credentials to monitor email transactions and intervene via fraudulent communications over sensitive issues like future financial transactions. BEC can sometimes even contain malware.

Lathod is said to have spread fraudulent funds to six different banks in seven accounts. Furthermore, most of these funds have been converted to BTC.

Rathod is said to have worked with several conspirators to give different people different names.

Morgan says,

“In my training and experience, scammers and individuals implementing BEC schemes will often work with a vast network of money launderers to support “cleaning” funds, reintegrating “cleaning” funds into the economy, allowing the funds to be freely used from the contamination of criminal activity.

Ruthod was arrested last Wednesday and arrested. He is currently awaiting a detention hearing in custody.

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