Stop overpaying - start transferring money with Ogvio. Join the waitlist & grab early Rewards NOW! 🎁
Crypto Scam Busted: New York Man Accused of Converting $1.7 Million Into Bitcoin
Last Updated: July 01, 2025
✓ Fact Checked
Key Takeaways
- A New York man is accused of using fake checks and email scams to steal $1.7 million and turning most of it into Bitcoin;
- The scheme involved seven bank accounts, fake invoices, and transfers flagged as suspicious by multiple banks;
- Rathod allegedly used family accounts to move over $1 million, and he now faces charges that could lead to 20 years in prison.
A man from Baldwinsville, New York, has been accused of using fake checks and email scams to collect nearly $1.7 million, most of which was converted into Bitcoin
According to court documents, the FBI explained that Tushal Rathod carried out this scheme between November 2021 and June 2024.
The case centers on a type of scam known as business email compromise. This involves tricking companies into sending payments to the wrong accounts by stealing email login information and watching for upcoming transactions.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)
Rathod is reported to have used this method while operating several business bank accounts to receive and move the stolen money.
Seven bank accounts across six different banks were used. Records indicated that around $1.2 million was converted into Bitcoin and sent to unknown addresses.
At least three of the banks warned Rathod that the deposits looked suspicious. In response, he provided an invoice to explain the money, but it turned out to be fake. One bank showed this invoice to a victim, who confirmed it was not real.
The FBI also said Rathod allegedly involved his girlfriend and family members by transferring funds through their accounts. Over $1 million passed through their hands, though Citibank was able to recover $800,000 of that amount.
Rathod faces several charges, including wire fraud and money laundering. If convicted, he could spend up to 20 years in prison.
Recently, US prosecutors have charged four North Korean citizens with wire fraud and money laundering. What happened? Read the full story.
Loading...
The Most Liked Crypto News Findings
Looking for more latest crypto news on related topic? We have gathered similar news articles for you to spare your time. Take a look!
