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Richmond resident sentenced in $500K wire fraud
Budhadev was held accountable for over half a million dollars in fraudulent money transfers.
The 38-year-old Indian citizen used to reside in Fredericksburg and Richmond, Virginia, during visits to the US. / Image - Pexels
The United States Attorney’s Office for the Middle District of Pennsylvania has sentenced Rishi Budhadev to 57 months of imprisonment for conspiracy to commit wire fraud.
The 38-year-old Indian citizen used to reside in Fredericksburg and Richmond, Virginia, during visits to the US.
During the sentencing, Budhadev was held accountable for over half a million dollars in fraudulent money transfers made to him between October and December 2015 by fraud victims through MoneyGram and Western Union wire transfers, according to United States Attorney Gerard M. Karam.
Investigation revealed that Budhadev, in collaboration with unnamed co-conspirators, engaged in common advance-fee mass marketing scams to defraud victims. He received nearly 500 MoneyGram money transfers totaling over $500,000 and approximately 300 transfers picked up from seven different Walmart stores around Richmond.
Additionally, he received around 20 Western Union money transfers and over $40,000 in deposits to his bank accounts.
Approximately 50 individuals who sent funds to Budhadev subsequently identified themselves to MoneyGram and Western Union as victims of various scams, including investment scams, romance scams, person-in-need scams, internet purchase scams, IRS tax scams, and loan scams.
Budhadev admitted to using the proceeds from the fraudulent money transfers to purchase iPhones, which he then delivered to his co-conspirator located in India in February 2016.
In addition to the 57-month prison sentence, the accused has been ordered to pay $62,672.29 in restitution to fraud victims. He is also required to serve a period of supervised release lasting three years following his imprisonment.
Budhadev may face potential deportation after completing his term of imprisonment.
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