31 October 2014

Hi-tech gang indicted on card fraud and laundering charges

09 November 2007  |  6960 views  |  0 cash

The Manhattan District Attorney has indicted 17 individuals and one corporation on multi-million dollar fraud charges related to global trafficking in stolen credit card numbers, cybercrime and identity theft.

The 173-count indictment charges that from 2001 through 2007, the defendants participated in a multi-national, Internet-based criminal enterprise - the "Western Express Cybercrime Group" - dedicated to trafficking in stolen credit card numbers and other personal identifiers.

The District Attorney's office alleges that the Group is responsible for over $4 million worth of identified credit card fraud, and trafficked in well over 95,000 stolen credit card numbers.

The indictment marks the second phase in a joint two-year investigation by the Manhattan DA's Identity Theft Unit and the United States Secret Service.

The charge sheet alleges that the defendants used Internet-based technologies such as instant messaging and digital currencies to transfer and launder funds and conceal their identities from the authorities.

The investigation revealed that, in a four year period, over $35 million flowed through numerous bank accounts set up by Western Express. About $4 million of these funds were generated by the company's illegal cheque cashing business, which was the subject of an earlier indictment. Approximately $20 million flowed through the company's Egold digital currency accounts. It is also estimated that Western Express purchased approximately $15 million worth of Webmoney digital currency.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related stories

30 October, 2007
13 September, 2007
01 May, 2007
24 April, 2007
09 February, 2007
22 January, 2007
19 January, 2007
18 November, 2005
27 June, 2005

Featured job

Competitive (base, bonus, benefits)
Boston, MA (USA)

Find your next job