A resident of Baldwinsville, New York, Tushal Ratod, is accused of large-scale fraud and money laundering through Bitcoin. According to the FBI, the man operated for nearly three years and organized a complex scheme using counterfeit checks and compromising corporate email to gain access to significant financial resources.
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Scheme Involving Counterfeit Checks and Family Members
The investigation revealed that from November 2021 to June 2024, Tushal Ratod managed a network of seven bank accounts across six different banks. Stolen money flowed through these accounts, which was later converted into Bitcoin. During this period, at least $1.2 million in cryptocurrency was laundered. Notably, in February 2023, two large transactions were recorded, resulting in the suspect purchasing over 40 BTC for approximately $900,000.
To implement the scheme, Ratod involved his girlfriend and family members. Over $1 million was deposited into their bank accounts, a portion of which Citibank later returned—about $800,000. Financial institutions, including M&T and Citibank, warned the suspect about the suspicious origin of the funds, but he provided fake invoices to simulate legitimate activity. One of these invoices was identified as a fraudulent victim. When law enforcement requested additional documentation, Ratod refused to cooperate.
FBI Suspicion and Possible Punishment
The charges against Tushal Ratod include conspiracy, wire fraud, money laundering, and involving third parties in criminal activity. According to investigators, the suspect’s former partner provided evidence that he had suspicious screenshots of cryptocurrency transactions and correspondence in other languages. Analysis of Google records revealed Ratod’s complaints about mass blocking of bank accounts.
The FBI has charged Tushal Ratod with fraud and money laundering through Bitcoin using a scheme involving counterfeit checks and hacking business emails.
If convicted, the defendant faces up to 20 years in prison. Currently, law enforcement is working on confiscating assets related to the illegal operations.