Laxmikanth Biyani, Money Laundering, California 2020

Fraud in the Golden State: A New Jersey Duo’s El Dorado County Scam

California residents are on high alert after a brazen fraud scheme targeting a victim in El Dorado County was uncovered, leading to the indictment of two New Jersey men.

According to court documents, Laxmikanth Biyani, 27, and Akshar Patel, 27, are charged with conspiracy to launder money. The scheme involved a victim who was duped into sending over $600,000 to a caller who claimed to be an agent of the Drug Enforcement Administration.

The scam unfolded between October and December 2020, with the victim being directed to transfer money to Biyani for safekeeping during an investigation involving her social security number. Some of the funds were transferred via Bitcoin, while $270,000 was handed over through cash drops in the parking lot of an elementary school in El Dorado Hills.

Biyani and Patel were arrested by the El Dorado County Sheriff’s Office on December 15, 2020 and remain in custody. If convicted, each faces a maximum statutory penalty of 20 years in prison and a $500,000 fine.

The case is a result of an investigation by the United States Secret Service and the El Dorado County Sheriff’s Office. Assistant U.S. Attorney Mira Chernick is prosecuting the case.

If you believe you may be a victim of this fraud scheme, please contact the United States Secret Service at SAC-FraudVictims@usss.dhs.gov.

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