SACRAMENTO, Calif. – A trusting El Dorado County resident was fleeced out of over $600,000 by a ruthless fraud scheme orchestrated by two New Jersey men, federal prosecutors revealed today. Laxmikanth Biyani, 27, and Akshar Patel, 27, face federal charges after a grand jury indictment handed down earlier this week.
The scam, which unfolded between October and December of 2020, preyed on the victim’s fear. A caller posing as a Drug Enforcement Administration agent convinced the woman her social security number was tied to a major drug trafficking investigation. The supposed agent then directed her to send funds – a staggering $600,000 – for “safekeeping,” claiming it was necessary to protect her assets during the fictitious probe.
The money didn’t end up in a secure government account. Instead, it was funneled through a complex web of transactions, including cryptocurrency and, shockingly, multiple cash drops in the parking lot of an elementary school in El Dorado Hills. Investigators allege Biyani personally picked up $270,000 in cash on four occasions in November and December, either delivering it directly to co-conspirators or attempting to do so. Patel allegedly assisted Biyani with these dangerous and brazen pickups on two of those occasions.
The U.S. Secret Service, working alongside the El Dorado County Sheriff’s Office, quickly moved to shut down the operation. Both Biyani and Patel were arrested on December 15, 2020, and have remained in custody ever since. The investigation highlights the growing sophistication of fraud schemes and the willingness of criminals to exploit vulnerable individuals.
Assistant U.S. Attorney Mira Chernick is prosecuting the case. If convicted of conspiracy to launder money, both Biyani and Patel face a maximum sentence of 20 years in prison and a $500,000 fine. However, any sentencing will be determined by the court, considering federal guidelines and statutory factors. It’s crucial to remember that these are allegations, and both men are presumed innocent until proven guilty beyond a reasonable doubt.
Authorities urge anyone who believes they may have been targeted by this or a similar scheme to contact the United States Secret Service at SAC-FraudVictims@usss.dhs.gov. This case serves as a stark reminder to remain vigilant and skeptical of unsolicited calls requesting financial transactions, especially those involving law enforcement impersonation. The El Dorado County Sheriff’s Office continues to work with federal partners to investigate and prevent these types of crimes.
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Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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