The FBI believes that jewellery shops in Jersey City’s “Little India” neighbourhood were at the heart of a vast credit card fraud ring, which stretched across several US states.
Several properties have been raided and 18 people have been charged so far.
Officials say participants in the scheme “stole” at least 200 million dollars (150 million euros).
US Attorney for the District of New Jersey Paul Fishman said of the perpetrators:
“They hid tens of thousands of dollars of cash in their homes. You will see in the complaint that 68,000 dollars (50,000 euros) in cash was seized from just one defendant’s house during an earlier search warrant, executed as part of this case. Money was hidden in a kitchen stove.
“And the complicit merchants, the jewellery store owners in Jersey City, used the proceeds to purchase millions of dollars worth of gold and gold jewellery and we’ll be seeking to forfeit whatever we can find,” Fisherman added.
Officials believe the fraud involved thousands of fake identities, lies to credit rating agencies and funds wired abroad.
Beginning in 2007, the alleged scam was based on falsely improving the credit scores of cardholders, allowing scammers to borrow high amounts of money – which they never repaid.
Copyright © 2014 euronewsMore about:
- 1#ن: How an Arabic letter was reclaimed to support Iraq’s persecuted Christians
- 247 dead and 11 injured in TransAsia Airways crash landing
- 3Fighter jets ‘shot down’ over Ukraine
- 4Ukraine suspects one of its jets was shot down by another aircraft
- 5TransAsia Airways plane crashes on landing in Taiwan, killing dozens
- 147 dead and 11 injured in TransAsia Airways crash landing
- 2TransAsia Airways plane crashes on landing in Taiwan, killing dozens
- 3#ن: How an Arabic letter was reclaimed to support Iraq’s persecuted Christians
- 4Fighter jets ‘shot down’ over Ukraine
- 5Costa Concordia finally clear of Giglio, destined for dismemberment
- 1298 killed as Malaysia Airlines passenger jet shot down over Ukraine
- 2[LIVE UPDATE] Malaysia Airlines MH17: Dutch forensic team arrives at crash site
- 3Researchers reach mysterious giant crater in Siberia
- 447 dead and 11 injured in TransAsia Airways crash landing
- 5Ukraine: Black boxes recovered from downed Malaysian airliner
Wires > News
- 10:23 CET European court rules against Poland over secret CIA jail
- 10:14 CET Indonesia’s Prabowo faces uncertain fate in opposition
- 09:55 CET U.S. lifts ban on flights to Israel as Gaza toll tops 700
- 09:47 CET Clashes in Libya’s Benghazi kill at least nine
- 09:40 CET Attack on bus in Iraq kills 51 prisoners, nine police
- 09:37 CET Disenchanted with Putin, some Russians vote with their feet
- 09:30 CET Taiwan says weather not seen as cause of plane crash that killed 48
- 09:20 CET U.N. urges sustained effort to improve flagging development