FBI charges six individuals in multimillion-dollar Bitcoin money-laundering scheme

Oct. 20, 2023

By Mike Dalton

The Federal Bureau of Investigation (FBI) has charged six individuals in connection to an unlicensed money-transmitting business involving crypto as a money laundering tool.

Court filings dated Oct. 18 indicate that the accused individuals worked to convert Bitcoin and other cryptocurrencies to cash at least between July 2021 and September 2023. The conversion process involved cash shipped via the U.S. postal system in exchange for cryptocurrency as well as in-person cash pickups.

The six accused individuals are Shaileshkumar Goyani, Brijeshkumar Patel, Hirenkumar Patel, Naineshkumar Patel, Nileshkumar Patel, and Raju Patel.

The FBI charged those individuals with one count of conspiracy to operate an unlicensed money-transmitting business and one count of operating an unlicensed money-transmitting business. The case text requests a warrant for the individuals’ arrests, indicating that they had not yet been brought into custody at the time of the court filing.

The case is proceeding in the Southern District of New York, where the criminal activity largely took place. New York has stringent crypto rules as well as regulations that require anyone transmitting money to obtain the relevant license.

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