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FBI Busts Unlicensed Crypto-to-Fiat Transmitting Operation in New York State

Six Indian nationals, including Raju Patel, Brijeshkumar Patel, Hirenkumar Patel, Naineshkumar Patel, Nileshkumar Patel, and Shaileshkumar Goyani, have been charged with operating an unlicensed money-transmitting business converting cryptocurrency to cash for clients seeking anonymity. Five of the six suspects were arrested on October 17th. The illegal operation was uncovered after the FBI arrested an individual who had been mailing packages of cash on behalf of the co-conspirator from a post office in Westchester County, New York. The FBI learned that the bundles of money were delivered by the six suspects on behalf of the unnamed co-conspirator through 80 controlled cash pickups that a confidential source agreed to participate in. The business violates state and federal laws by failing to register with FinCEN, according to FBI Special Agent Lawrence Lonergan.

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