Courier in international elder fraud scheme sentenced after jury conviction in US
Washington, Jan 27 : Atharva Shailesh Sathawane has been sentenced to 18 years in prison in the United States for his role in an international fraud scheme that targeted elderly victims and resulted in millions of dollars in losses, federal prosecutors said.
Sathawane, 23, was sentenced after a jury found him guilty of conspiracy to commit wire fraud and conspiracy to commit money laundering, according to a statement from the US Attorney’s Office for the Northern District of Florida. The sentence was announced by US Attorney John P. Heekin.
Trial evidence and court documents showed that Sathawane acted as a courier in a complex fraud operation that preyed on elderly victims, many of them retirees. Victims were convinced to liquidate their retirement accounts and convert their savings into cash, gold, or both.
“Elder fraud schemes like this one are taking place every day in every state, but especially in Florida due to our large population of retirees,” Heekin said. He stressed the importance of educating the public to prevent seniors from being victimized and praised law enforcement for uncovering what he described as a complex international fraud scheme.
Sathawane had overstayed his student visa and was in the United States illegally at the time of the offenses, federal prosecutors said. As part of the scheme, he traveled to the homes of elderly victims to collect large quantities of cash and gold. He then delivered those proceeds to co-conspirators, some of whom were orchestrating the fraud from abroad, the Department of Justice said.
The scheme began to unravel after an elderly victim suspected fraud and contacted law enforcement. Authorities coordinated an undercover operation, and Sathawane was arrested when he arrived at the victim’s residence to collect additional gold.
A subsequent search of Sathawane’s cellular phone confirmed his involvement in the fraud network, investigators said. Over a four-month period, he made at least 33 trips to retrieve cash and gold from elderly victims.
Forensic analysis of the phone showed that Sathawane primarily operated in Florida but also traveled to Pennsylvania, Virginia, New Jersey, and New York to collect cash and gold from victims and deliver the proceeds to other co-conspirators.
Prosecutors said the fraud caused devastating losses. Numerous elderly victims lost their entire life savings or suffered substantial financial hardship as a result of the scheme.
Authorities said Sathawane personally took and laundered $6,615,484.66 in cash and gold from victims. He also attempted to collect an additional $1,363,395.98 in gold from two elderly victims. Those attempts failed after a concerned friend intervened in one case, and law enforcement arrested him during the second attempt.
“We will not tolerate criminals who prey on our vulnerable citizens,”said Gainesville Police Department Chief Nelson Moya.
FBI Jacksonville Special Agent in Charge Jason Carley said scams involving gold are a growing trend. “If anyone tells you to buy gold and hand it over to a stranger, it is not an investment, it is a scam,” he said. Carley added that in Florida alone, victims lost more than $33 million last year to gold bar scams.
“This case underscores the devastating impact of international fraud schemes targeting our elderly citizens,” said Ron Loecker, Special Agent in Charge of IRS Criminal Investigation for the Florida Field Office. He said the defendant’s actions robbed victims of their life savings and financial security.