New York Gang’s Cash-for-Bitcoin Operation Unveiled: $30 Million in Criminal Transactions Exposed

October 20, 2023.

Court records reveal a New York gang’s illicit cash-for-Bitcoin service, generating over $30 million through unconventional methods like street-corner transactions, drive-by pickups, and table displays of cash. The FBI’s extensive investigation, initiated in April 2021, exposed an underground Bitcoin exchange linked to criminal activities. Operated by individuals including Shaileshkumar Goyani, Brijeshkumar Patel, Hirenkumar Patel, Naineshkumar Patel, Nileshkumar Patel, and Raju Patel, the gang facilitated the conversion of Bitcoin into cash outside mainstream exchanges.

A confidential source, CS-1, cooperated with law enforcement, participating in 80 controlled cash pickups amounting to $15,067,000. The operation’s exposure highlights the often unseen methods criminals employ to exchange Bitcoin for cash, bypassing traditional online platforms and posing challenges for law enforcement.

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