The FBI investigates a New York man for a $1.7 million fraud case and converting Bitcoin.

According to Gate News bot, Decrypt reports that the Federal Bureau of Investigation (FBI) has charged New York man Tushal Rathod. The FBI’s investigation found that from November 2021 to June 2024, Rathod engaged in fraud through the means of forged checks and business emails, obtaining illegal proceeds of $1.7 million.

FBI agent Samuel Morgan revealed that Rathod used seven accounts from six financial institutions to receive funds and transferred Bitcoin worth $1.2 million to external addresses. Despite three banks issuing warnings about the illegality of the source of the funds, Rathod continued his illegal activities by forging invoices. When the police intervened in the investigation, he adopted a non-cooperative attitude.

Court documents show that Rathod involved his girlfriend and family in the fraudulent activities, with their accounts receiving over $1 million in fraudulent funds, of which Citibank has recovered $800,000. In February 2023, he purchased $900,000 worth of Bitcoin and completed the transfer. If convicted, Rathod faces a 20-year prison sentence.