Ashish Bajaj, Elder Fraud, New Jersey 2024

NEWARK, N.J. – A devastating elder fraud scheme has been uncovered, with an Indian national at its center. Ashish Bajaj, 28, of India, has been arrested and charged with conspiracy to commit wire fraud, in a scheme that resulted in at least $2.3 million in losses for elderly victims.

Bajaj, who appeared before U.S. Magistrate Judge Joe L. Webster in federal court in the Middle District of North Carolina on [undisclosed], was detained pending his initial appearance in the District of New Jersey. The complaint alleges that Bajaj and his co-conspirators impersonated fraud prevention representatives from United States banks, targeting elderly victims who had their bank accounts hacked.

According to documents filed in this case and statements made in court, from at least as early as in or around April 2020 through in or around July 2021, Bajaj and his co-conspirators received at least $2.3 million in fraudulently obtained funds. The victims were told that they worked at a “hub” for multiple financial institutions’ fraud departments and were reaching out because the victims’ bank accounts had been hacked.

The requested assistance included initiating various wire transactions to various bank accounts, including bank accounts in India, ultimately resulting in a loss to the victims. Over the course of the investigation, law enforcement has identified multiple victims of this scheme, including victims in New Jersey and California.

The count of wire fraud conspiracy is punishable by a maximum penalty of 20 years in prison and a $250,000 fine, or twice the gross gain or loss from the offense. The government is represented by Assistant U.S. Attorney Lauren E. Repole of the Economic Crimes Unit in Newark.

The charge and allegations contained in the complaint are merely accusations and the defendant is presumed innocent unless and until proven guilty. Additional victims associated with Bajaj’s conduct may reach out to the FBI at 1-800-CALL-FBI (225-5324) or visit www.fbi.gov.

Bajaj, 28, of India, is the defendant/respondent in this case. The exact criminal charges against him are conspiracy to commit wire fraud. The city and state where this crime occurred is Newark, New Jersey. The crime occurred from at least as early as in or around April 2020 through in or around July 2021.

The sentence or outcome in this case is still pending. The dollar amount involved in this case is at least $2.3 million.

Source: https://www.justice.gov/usao-nj/pr/indian-national-arrested-23-million-elder-fraud-scheme