FBI Charges Six in Connection with $30M Crypto Crime Ring

cryptonews.com:

The Federal Bureau of Investigation (FBI) filed charges on Wednesday against six individuals for allegedly running an unlicensed money-transmitting business involving $30 million in cryptocurrencies. 

The information came to light through court documents filed in the Southern District of New York. The accused are charged with converting bitcoin and other digital currencies into cash via the darknet, without having the necessary licenses for money transmission in the state of New York.

According to the unsealed affidavit of an FBI agent, the accused operated between July 2021 and September 2023. 

Shaileshkumar Goyani, Brijeshkumar Patel, Hirenkumar Patel, Naineshkumar Patel, Nileshkumar Patel, and Raju Patel are all implicated in the charges. Naineshkumar Patel has been granted conditional release, as noted in a subsequent court document.

An unidentified co-conspirator disclosed to an undercover officer that the exchange of cryptocurrency for cash had amassed approximately $30 million over the span of three years. The co-conspirator also revealed that some of the clientele engaged in illegal activities, such as drug trafficking. The wealthiest clients were identified as hackers.

On February 7, 2023, law enforcement officials apprehended an individual who had been mailing packages of cash on behalf of the unnamed co-conspirator. 

This individual, operating from a post office in Westchester County, New York, later cooperated with the FBI. Over the course of eight months, the confidential source was involved in roughly 80 controlled pick-ups, accounting for an estimated $15 million in cash.

Photographic and video surveillance evidence in the filing establishes that none of the accused operated with a licensed money-transmitting