Highlights:
- Defendant laundered more than $6.6 million stolen from elderly victims
- Scheme involved convincing seniors to liquidate retirement savings
- Fraud operated across multiple U.S. states and from India
- Arrest followed an undercover operation coordinated by law enforcement
- Case investigated jointly by FBI, IRS-CI, and local police
A 23-year-old citizen of India has been sentenced to 18 years in federal prison for his role in a large-scale international fraud scheme that targeted elderly Americans and stripped many of their life savings, US prosecutors announced Monday (26).
Atharva Shailesh Sathawane was sentenced after a jury found him guilty of conspiracy to commit wire fraud and conspiracy to commit money laundering, according to the US Attorney’s Office for the Northern District of Florida. The sentence was announced by US Attorney John P. Heekin.
Prosecutors said Sathawane acted as a key courier in the scheme, which preyed on senior citizens by exploiting fear, trust, and financial insecurity. Victims were persuaded to liquidate retirement accounts and convert their savings into cash or gold, which Sathawane then collected in person and delivered to co-conspirators.
Court evidence showed that Sathawane, who had overstayed his student visa and was in the U.S. illegally, traveled extensively to retrieve fraudulently obtained assets. Over four months, he made at least 33 trips to collect cash and gold from elderly victims in Florida and several other states, including Pennsylvania, Virginia, New Jersey, and New York.
In total, Sathawane personally took and laundered approximately $6.6 million in cash and gold, according to prosecutors. He also attempted to obtain an additional $1.36 million in gold from two elderly victims, efforts that were thwarted by a concerned friend in one case and by law enforcement in another.
The investigation intensified after one elderly victim grew suspicious and contacted authorities. Law enforcement then coordinated an undercover operation, leading to Sathawane’s arrest when he arrived at the victim’s residence to collect more gold. A subsequent forensic analysis of his cellphone revealed extensive communications linking him to the broader fraud network, including individuals coordinating the scheme from India.
As a result of the operation, numerous elderly victims lost their entire life savings or suffered severe financial hardship, prosecutors said.
Attorney Heekin emphasized the importance of combating elder fraud, particularly in Florida, which has a large retiree population. He credited victims who came forward and praised law enforcement agencies for dismantling the complex international operation.
Local, state, and federal officials echoed those concerns. Gainesville Police Chief Nelson Moya said authorities would not tolerate criminals who prey on vulnerable citizens. FBI Jacksonville Special Agent in Charge Jason Carley warned that gold bar scams are a growing trend, noting that Florida victims alone lost more than $33 million to similar schemes last year.
The case was jointly investigated by the Gainesville Police Department, the Federal Bureau of Investigation, and IRS Criminal Investigation, and prosecuted by Assistant U.S. Attorney Adam Hapner.
Federal officials urged seniors and their families to report suspected fraud, noting that early reporting can help prevent further losses and aid recovery efforts.
