TOLEDO, Ohio (WTVG) – Federal authorities have arrested Vatsal Pankajkumar Mistry in connection with a sophisticated money laundering scheme linked to a “phantom hacker” scam targeting elderly victims in Ohio and Michigan.
Mistry was charged on September 17 with conspiracy to commit money laundering, concealment money laundering, and promotion money laundering. He was booked into the Lucas County Jail the following day.
According to FBI investigators, Mistry played a role in a scam that tricked victims into handing over large sums of money and gold bars. One notable case involved a 76-year-old woman from Ann Arbor who lost over $500,000.
Charging documents detail how the woman was misled into thinking she needed tech support. She allowed remote access to her computer and was later convinced that a refund overpayment had occurred. The scammers then instructed her to return the supposed excess funds.
Over several weeks, she made multiple cash and gold drop-offs outside her home. On May 28, law enforcement arrested a man sent to collect nearly $30,000. That individual told investigators that Mistry and two others directed him to pick up the money.
During a non-custodial interview, Mistry reportedly admitted to participating in multiple pickups, earning about $500 per delivery. However, he denied directing others, contradicting statements made by the other suspect.
He also confessed that he knew the activity was illegal but said he needed the money.
Mistry had his initial court appearance on Friday and waived his preliminary hearing. The case is now bound for a grand jury. He is currently held on an ICE detainer and will not be released.
