FBI accuses a man of a $1.7 million scam, converting counterfeit checks into Bitcoin

According to Decrypt, the Federal Bureau of Investigation (FBI) has accused Tushal Rathod, a man from New York State, of fraudulently profiting $1.7 million by forging checks and leaking commercial emails, and converting most of the illegal gains into Bitcoin. The suspected criminal behavior occurred between November 2021 and June 2024. FBI agent Samuel Morgan stated that Rathod received funds through seven accounts at six financial institutions and also sent $1.2 million worth of Bitcoin to external addresses. At least three banks had warned him that the source of his funds was illegal, but he forged invoices to cover it up. After the police intervened, he refused to cooperate with the investigation. According to court documents, Rathod also "recruited" his girlfriend and family members to assist in fraud. His girlfriend and family members deposited over $1 million in fraudulent funds into their accounts, and Citibank recovered $800000. In February 2023, he purchased Bitcoin worth $900000 and transferred it. If convicted, Rathod will face 20 years in prison.