CLEVELAND, OH — Pranay Kumar Mamidi, 27, and Kishan Vinayak Patel, 26, both of India, have been convicted of money laundering conspiracy, concealing illicit funds, and using the proceeds to further a criminal enterprise, according to the U.S. Attorney’s Office for the Northern District of Ohio.
The Phantom Hacker Scam
Mamidi and Patel ran a sophisticated scam where they impersonated federal law enforcement officials to defraud victims. The scammers tricked individuals, often older adults, into believing their bank accounts had been hacked. A fake federal agent would tell the victim they were under investigation, and a second scammer posing as a Drug Enforcement Administration (DEA) agent would claim their account was tied to fraud, resulting in an arrest warrant.
The Deceptive Process
Fearful of legal repercussions, the victims were convinced to withdraw large sums of money or purchase gold bars. They were then instructed to deliver the funds to a designated drop-off point, such as a gas station or restaurant. Afterward, the victim received a false receipt, further perpetuating the illusion of a legitimate transaction.
International Money Laundering Network
The scam was part of a larger international money laundering network that allowed the fraudulently obtained funds to be moved across borders. Investigators estimate that the total amount of laundered money is in the tens of millions of dollars.
This conviction underscores the growing threat posed by elaborate scams and the ongoing efforts of law enforcement to combat international fraud and money laundering.
