Jayesh J. Panchal, Elderly Fraud, Michigan 2024

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Table of Contents

Defendants Sentenced in $11M Elderly Fraud Scheme

GRAND RAPIDS, MICHIGAN – Two defendants, Jayesh J. Panchal and Vijaya C. Shetty, have been sentenced to federal prison for their roles in an international fraud conspiracy that stole over $11 million from mostly senior citizens in multiple states.

A victim in West Michigan lost $398,000 to the conspiracy, which was described by U.S. District Judge Jane M. Beckering as a ‘horrific’ fraud scheme that ‘preyed upon some of our most vulnerable citizens, the elderly.’

Panchal, 55, of Hicksville, New York, was sentenced to serve 78 months in federal prison and ordered to pay $7,930,287 in restitution to 40 victims of the conspiracy. Shetty, 53, of Flushing, New York, was sentenced to 63 months in federal prison and ordered to pay $596,800 in restitution to victims.

Panchal and Shetty pleaded guilty in April 2024 and February 2024, respectively. They worked together to collect millions of dollars in cash from the victims, who were targeted through various ruses, including pop-up messages on their computers warning of a virus, and fake ‘federal agents’ who convinced them to give money to the conspiracy.

The fraud scheme, which began with a pop-up message on victims’ computers, led to victims losing their life savings. Panchal and Shetty travelled throughout the United States to collect cash from the victims and laundered the fraud proceeds by depositing cash into various bank accounts.

U.S. Attorney Mark Totten said, ‘We teamed up with multiple law enforcement partners to pinpoint and punish these fraudsters who preyed on vulnerable elderly victims, and we’ll continue to aggressively chase these criminals wherever they strike.’

Panchal and Shetty’s sentences are the latest in a series of cases related to the international fraud conspiracy, which has seen several co-defendants sentenced in recent months. Co-defendant Everette Thibou is scheduled to be sentenced on October 31.

The case highlights the need for awareness and protection of senior citizens from financial crimes. As U.S. Attorney Totten noted, ‘Raising awareness of elder fraud is critical to help protect our older loved ones from losing their life savings to these types of crimes.’

The investigation into the international fraud conspiracy is ongoing, with law enforcement partners working to identify and prosecute those responsible for the scheme.