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Glen Burnie Man Sentenced for Laundering $2 Million
A Glen Burnie man has been sentenced to time served for his role in laundering over $2 million swindled from individual victims.
U.S. District Judge J. Frederick Motz sentenced Kaushik Kanti Modi, 43, to approximately 13 and a half months for his role in the money laundering conspiracy. Modi, a native of India who was living in the United States illegally, was also ordered to forfeit and/or pay restitution of $857,597.02.
The scheme involved Modi receiving text messages instructing him to buy large numbers of stored value cards, principally GreenDot cards, and to forward the PIN numbers of the cards to other unidentified co-conspirators. The co-conspirators loaded money onto the stored value cards using a variety of scams, including IRS impersonation and online merchandise sales.
Modi’s role in the scheme involved using the stored value cards to buy money orders, which he then deposited into bank accounts. From January 1, 2014 to March 24, 2015, Modi deposited 241 money orders totaling $2,077,308.20 into his bank accounts.
The announcement was made by U.S. Attorney Rod J. Rosenstein, Special Agent in Charge Thomas Jankowski of the IRS, and other law enforcement officials. ‘Modi’s involvement in this scheme is just another unfortunate example of criminals willing to enrich themselves at the expense of their victims,’ Jankowski said.
The case is part of the efforts undertaken in connection with the President’s Financial Fraud Enforcement Task Force. The task force was established to investigate and prosecute financial crimes and has made great strides in facilitating increased investigation and prosecution of financial crimes.
Key Facts
- State: Maryland
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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