A federal grand jury in Tucson returned an indictment against two Indian nationals – Ahmed Maqbul Syed, 57, and Rupesh Chandra Chintakindi, 27 – over their alleged involvement in a conspiracy to commit money laundering. Syed, in addition to the money laundering charge, was also indicted on a charge of conspiracy to commit wire fraud.
Prosecutors say that Syed (pictured above), Chintakindi, and others conspired to launder fraudulent proceeds bilked from elderly victims – including those in Arizona – through a nationwide scheme. According to the charges, victims were tricked into believing that their computers had been hacked or otherwise compromised when they saw a “pop-up” display. The display would prompt victims to contact tech support or government representatives to resolve the issue while in reality, the victims were directed to conspirators who falsely convinced them that their personal information had been compromised and that they needed to take immediate action to protect their accounts and finances.
As the scheme unfolded, officials say victims were instructed to withdraw or transfer large sums of money to safeguard their assets. They were then told to purchase gold from various dealers, withdraw cash, and even acquire gift cards from retail businesses. In some instances, victims were directed to make cash deposits into bitcoin ATMs. The victims were led to believe that government agents would collect the gold and cash or that the gift card information would be used to “assist” them.
Both Syed and Chintakindi face significant penalties. Should a conviction for conspiracy to commit money laundering and conspiracy to commit wire fraud result from the December indictment, the duo each face a maximum prison sentence of up to 20 years, along with potential fines of $250,000.
