Texas Jury Convicts Indian National in $150,000,000 Elder Fraud Scheme

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, says the U.S. Attorney’s Office for the Western District of Texas.

“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 and was tied directly to more than $150 million in fraud proceeds.

Two co-defendants already received prison sentences of 97 months and 63 months, while a third awaits sentencing.

Says U.S. Attorney Justin R. Simmons,

“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.”

The FBI and Granite Shoals Police Department investigated the case.

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The post Texas Jury Convicts Indian National in $150,000,000 Elder Fraud Scheme appeared first on The Daily Hodl.