Two Indian-origin brothers indicted for money laundering by US court
Two Indo-Canadian brothers have been indicted by a federal grand jury in Washington DC for allegedly operating an Internet-based unlicensed money service business "Pyaza.com" that processed more than $250 million in transactions from Ponzi schemes, child pornography rings and more, according to US Attorney Jessie Liu. The accused Firoz Patel, 43, and Ferhan Patel, 37, live in the area of Montreal, Quebec. Here's more.
Both brothers violated anti-money laundering program requirements
Both brothers have been charged with one count of conspiracy to operate an unlicensed money transmitting business and to violate anti-money laundering program requirements, one count of a money laundering conspiracy, and one count of operating an unlicensed money transmitting business in the District of Columbia. Ferhan Patel was arrested on March 18 in Detroit. However, his brother remains at large.
Each of the accused faces over 25 years' sentence
Each of the brothers faces a maximum sentence of more than 25 years if convicted, Liu said. "Money transmitting businesses are required to be registered federally and licensed in most states and jurisdictions, including the District of Columbia. Consumers should beware of those that do not follow these laws because they could be acting as a cover for other illegal activity," Liu said.
Despite warning, the accused continued illegal activities
According to the indictment, despite receiving cease and desist letters from various states, Firoz and Ferhan Patel continued their illegal activity. The indictment alleges that the Patels, together with other co-conspirators, are responsible for transmitting over $250 million throughout the US and elsewhere. The investigation is continuing. The Patels opened bank accounts in the US and laundered their illegal proceeds through those accounts.
