The U.S. Federal Bureau of Investigation (FBI) has formally charged Tushal Rathod of New York with orchestrating a sophisticated fraud and money laundering operation generating approximately $1.7 million in illicit proceeds.
The alleged scheme, spanning from November 2021 to June 2024, utilized counterfeit checks and business email compromise (BEC) scams. Authorities state that Rathod converted the fraudulently obtained funds into Bitcoin in an effort to obscure the origin of the money.
Court documents reveal Rathod purchased more than 40 Bitcoins in transactions valued at roughly $900,000 specifically between February 2023 and June 2024, a key part of the money laundering process.
The investigation was significantly aided by cooperation from Rathod’s former partner, who acted as a confidential witness providing crucial information.
Tushal Rathod now faces federal charges of fraud and money laundering. If convicted on all counts, he potentially faces a sentence of up to 20 years in federal prison.