TYLER, TX – A pair of schemers, a 75-year-old woman and a 33-year-old man, are facing federal charges after allegedly funneling over $750,000 in dirty money through the volatile world of cryptocurrency. The indictment, handed down by a grand jury in the Eastern District of Texas, reveals a sophisticated operation designed to obscure the origins of funds obtained through a variety of fraud schemes.
Lois Boyd, of Amelia Court House, VA, and Manik Mehtani, of McLean, VA, stand accused of violating the Travel Act, money laundering, and conspiracy to launder money. According to the indictment, the duo worked in concert with others to receive funds from victims of unspecified fraud schemes, then meticulously washed the cash through digital currency transactions.
The scheme wasn’t about subtlety. Boyd and Mehtani allegedly engaged in ‘structuring’ – breaking down large sums of cash into smaller deposits to avoid triggering mandatory transaction reporting requirements. The pair then exchanged these funds for cryptocurrency, directing the digital assets to wallets controlled by their accomplices overseas. This intricate network aimed to completely sever the link between the ill-gotten gains and their criminal source.
Their operation hit a snag in August 2020, when the pair traveled to Longview, Texas, attempting to convert over $450,000 into Bitcoin. Federal agents intercepted them, seizing the cash and temporarily detaining both individuals. Despite this setback, the indictment alleges the conspiracy continued, ultimately laundering more than $750,000.00.
If convicted on all counts, both Boyd and Mehtani face a hefty penalty: up to 20 years in federal prison. While the indictment marks a significant step in the investigation, it is crucial to remember that it is not proof of guilt. Both defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
This case is a product of the Organized Crime Drug Enforcement Task Forces (OCDETF) program, a multi-agency initiative focused on dismantling high-level criminal organizations. The investigation was spearheaded by the U.S. Secret Service and the U.S. Postal Inspection Service, with Assistant U.S. Attorneys Nathaniel C. Kummerfeld and L. Frank Coan, Jr. handling the prosecution. The OCDETF program can be found at https://www.justice.gov/OCDETF.
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Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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