21 charged for roles in transnational fraud schemes that target the elderly
TYLER, Texas (CBSDFW.COM) — Newly unsealed court documents reveal that 21 people have been charged for their roles in transnational money laundering networks that used cryptocurrency to launder millions of dollars stolen through scams that target elderly Americans.
The operation, which is an organized multi-agency effort involving the Eastern District of Texas, the U.S. Secret Service's Dallas Field Office, and U.S. Postal Inspector Service, is being called "Crypto Runner."
The multi-year operation is aimed at disrupting money laundering networks that take funds stolen from U.S. citizens through romance scams, phishing schemes, tech support scams, and other forms of fraud. These scams tend to heavily target elderly Americans.
U.S. Attorney Brit Featherston said, "By acting as domestic money launderers for foreign co-conspirators, these defendants played indispensable roles that allowed foreign actors to reach from overseas to target victims in communities across the United States."
Of the 21 individuals charged in Crypto Runner, at least one was from Texas. Deependra Bhusal, 46, of Irving, Texas, pleaded guilty on April 30, 2021 to conspiracy to commit money laundering. Officials say he is personally responsible for laundering over $1.4 million in criminal proceeds. He was sentenced to 46 months in federal prison on April 6, 2022.
Officials said that Bhusal was part of a criminal organization led by Tulasidas Konda, 57, of Amelia Court House, Virginia. Konda's organization was responsible for laundering over $4.1 million in scam proceeds, some of which was funneled to foreign co-conspirators through cryptocurrencies. He pleaded guilty on May 5, 2021 to conspiracy to commit money laundering.
Lois Boyd, 76, also of Amelia Court House, Virginia, was also charged for her role in the scheme and pleaded guilty on June 14, 2022 to violating the Travel Act, which makes traveling across borders to commit a crime illegal. According to her plea agreement, Boyd and others traveled to Longview, Texas and tried to exchange over $450,000 for Bitcoin.
Several others from states across the country, including Nevada, California, Indiana, and Pennsylvania were all charged for their roles in similar networks that used scams to defraud elderly Americans. One Floridian is also accused of using cryptocurrency to launder illegal drug funds.
Government officials say scams targeting the elderly have become especially prevalent in recent years. In Oct. 2017, the Elder Abuse Prevention and Prosecution Act was signed into law and the Department of Justice formed a new Elder Justice Initiative aimed at prosecuting crimes that target seniors.
More information about these schemes and tips on how to avoid them can be found on the EJI's website.
So far, officials claim, Crypto Runner has already disrupted over $300 million in money laundering transactions. And there's no signs of slowing down anytime soon.
William Smarr, Special Agent in Charge of the Secret Service's Dallas Field Office, said, "These arrests are just the beginning. We are committed to bringing each of the remaining perpetrators to justice."
