Close X
Wednesday, December 18, 2024
ADVT 
International

2 Indian-Origin Brothers Charged For Laundering Over $250 Million By US Court

IANS, 23 Mar, 2018 11:56 AM
    Two Canadian brothers of Indian-origin have been indicted by a federal grand jury for allegedly operating an Internet-based unlicensed money service business that processed more than US$ 250 million in transactions.
     
     
    Firoz Patel, 43, and Ferhan Patel, 37, who live in the area of Montreal, Québec, are charged with one count of conspiracy to operate an unlicensed money transmitting business and to violate anti-money laundering programme requirements, one count of a money laundering conspiracy and one count of operating an unlicensed money transmitting business in the District of Columbia.
     
     
    Each of the brothers faces a maximum sentence of more than 25 years if convicted, US Attorney Jessie Liu and Special Agent in Charge of US Immigration and Customs Enforcement's Homeland Security Investigations Washington DC Patrick Lechleitner said.
     
     
    Ferhan Patel was arrested on March 18 in Detroit. He remains held pending further proceedings in the District of Columbia. His brother remains at large.
     
     
    "Money transmitting businesses are required to be registered federally and licensed in most states and jurisdictions, including the District of Columbia. Consumers should beware of those that do not follow these laws because they could be acting as a cover for other illegal activity,” Liu said.
     
     
    The indictment alleges that the criminal activity took place from in or about March 2012 until the present. The defendants, through their company Payza.com, are accused of operating a money transmitting business that operated without the necessary state licenses and knowingly transmitting funds that were derived from illegal activity.
     
     
    Payza.com allegedly processed more than US$ 250 million of proceeds from Ponzi schemes, child pornography rings, and other criminal enterprises.
     
     
    Despite receiving cease and desist letters from various states, and being told by a consultant that operating a money transmission business without the necessary licenses was a crime, Firoz and Ferhan Patel continued their illegal activity, the indictment alleges.
     
     
    The indictment alleges that the Patels, together with other co-conspirators, are responsible for transmitting over US$ 250 million throughout the United States and elsewhere. The investigation is continuing.
     
     
    The Patels opened bank accounts in the US and laundered their illegal proceeds through those accounts. The indictment seeks forfeiture of any property involved in these offenses or traceable to these offenses as well as specific forfeiture of approximately US$ 10 million that has already been seized and frozen. 

    MORE International ARTICLES

    Indian-Origin Student Arshad Vhora, 19, Shot Dead In US, Relative Injured

    Indian-Origin Student Arshad Vhora, 19, Shot Dead In US, Relative Injured
    An Indian-origin college student was shot dead during a robbery attempt at a gas station in the US on Thursday and his relative critically injured, media reports said.

    Indian-Origin Student Arshad Vhora, 19, Shot Dead In US, Relative Injured

    On Hearing Of Mother's Death, Indian-Origin Man Dies Of Shock In Dubai

      An Indian expat died of a heart attack here after hearing the news of his mother's demise back home, the media reported.

    On Hearing Of Mother's Death, Indian-Origin Man Dies Of Shock In Dubai

    Bench Dedication Ceremony Planned For Indian Girl Sherin Mathews In US

    Bench Dedication Ceremony Planned For Indian Girl Sherin Mathews In US

    Bench Dedication Ceremony Planned For Indian Girl Sherin Mathews In US

    Leading Indian Councillor Ranjit Dheer Honoured By Queen Elizabeth II In United Kingdom

    Leading Indian Councillor Ranjit Dheer Honoured By Queen Elizabeth II In United Kingdom
    Ranjit Dheer, a leading Indian-origin magistrate councillor, has been honoured by Queen Elizabeth II with a prestigious award for his services to the UK government.

    Leading Indian Councillor Ranjit Dheer Honoured By Queen Elizabeth II In United Kingdom

    22 Indian Teens Go Missing In France, CBI Files Complaint

    22 Indian Teens Go Missing In France, CBI Files Complaint
    The officials alleged that agents had charged Rs. 25- 30 lakh from the parents of each of the minors for sending them abroad.

    22 Indian Teens Go Missing In France, CBI Files Complaint

    1-Year-Old Sarpanch Plan For A Second Marriage With A 12-Year-Old Girl Busted At Last Moment

    1-Year-Old Sarpanch Plan For A Second Marriage With A 12-Year-Old Girl Busted At Last Moment
    The sarpanch, Jagannath Mawai, had booked a helicopter ride for his would-be bride and sought permission for construction of a temporary helipad in his Bahrar Jagir village earlier this month.

    1-Year-Old Sarpanch Plan For A Second Marriage With A 12-Year-Old Girl Busted At Last Moment