Jaykumar Patel, Bank Fraud Conspiracy, Illinois 2021

Tampa Man Sentenced to 72 Months in Prison for Bank Fraud Conspiracy

TAMPA – Jaykumar Patel, 33, was sentenced to 72 months in prison and a $25,000 fine for his involvement in a bank fraud conspiracy targeting elderly, vulnerable victims in the United States.

According to court documents, Patel worked in Florida moving criminal proceeds for an India-based fraud conspiracy. The scheme involved elderly victims being bullied and frightened out of their hard-earned money through phone scams.

“Those who prey on the most susceptible victims through these kind of scare tactics and phone scams must be punished to the full extent of the law,” said U.S. Attorney Rachelle Aud Crowe. “Defendants both in the United States and overseas need to know that we will protect and defend vulnerable Americans.”

Patel was arrested in June 2021 after a resident in Alton, Illinois received a phone call from an individual claiming to be a member of law enforcement. The caller demanded the victim to send $29,000 to an address in Florida, claiming it was necessary to rectify a stolen identity situation. Patel turned up to pick up the package and was arrested.

Further investigation revealed that the fraud on the Alton victim was a small part of the criminal scheme. In just a few weeks in 2021, Patel picked up or intended to pick up packages sent by victims containing more than $481,000.

“Elder fraud is a growing problem as the country’s population gets older,” said FBI Springfield Field Office Special Agent in Charge David Nanz. “Illinois ranks ninth highest in total number of victims over age 60, according to the FBI’s Internet Crime Complaint Center 2021 Elder Fraud Report. The FBI takes elder fraud very seriously and, along with our law enforcement partners, will work to hold accountable those who take advantage of the isolation and vulnerability that often surrounds the elderly.”

Individuals should use caution when speaking with strangers on the phone, especially if a caller is asking the person to send money. Legitimate law enforcement will never try to blackmail victims or request residents to send cash by mail. Talk to a family member or someone who can help if something doesn’t sound quite right.

There are resources available to help victims of elder fraud, including the National Elder Fraud Hotline at 833-FRAUD-11. The hotline is staffed by experienced case managers who provide personalized support to callers. Additionally, the Money Mule Initiative aims to disrupt, investigate, and prosecute money mule activity used to facilitate fraud schemes, especially those victimizing senior citizens.

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