A 21-year-old Indian-born man has been accused by US authorities of being a “money mule” in a big-ticket fraud scheme targeting elderly people across the United States.
The case has been led by nine victims and the total loss is as much as $7.56 million, or ₹72.3 crore, investigators say. Jay Sunilbharthi Goswami, a Gujarat native who had been living in Jersey City, New Jersey, was arrested by Canadian authorities after trying to head to Qatar.
According to the US prosecutors, it began when authorities learned about an internet- and telephone-based fraud operation targeting elderly people beginning in January 2026.
The alleged fraudsters contacted victims and falsely claimed their bank accounts, money or personal information had been compromised, investigators say. Victims were persuaded to put money or other valuables into forms that could be collected by members of the alleged network.
The fraud network used money mules to collect and pass on valuables from victims to others, authorities allege. Goswami personally collected or helped collect cash and gold from elderly victims in New York and New Jersey and has been accused of involvement in a number of transactions over time, according to prosecutors. The victims ranged from 59 to 87 years old, and older people are particularly susceptible to sophisticated impersonation and financial fraud schemes, they said.
The losses are substantial. As alleged by the US Justice Department and reported in several news media, the nine victims collectively lost $7.56 million. Converted into Indian currency, it is ₹72.3 crore. The case is an example of how organised fraud can have huge economic costs by mixing impersonation tactics with intermediaries who actually collect money or goods.
Goswami had also been linked to financial activity, investigators said. He opened a Bank of America account where more than $90,000 in cash was deposited between August 1, 2025, and April 6, 2026, the criminal complaint alleged. It’s believed that those deposits were probably because he was paid as a money mule, so this has become the focus of the investigation into his alleged role in the bigger operation, the complaint said.
Goswami had another turn when he appeared before a US magistrate judge on August 17, 2026. The next day, authorities say he entered Canada through the Peace Bridge and was located at Toronto Pearson International Airport. Investigators had reportedly learned that he had booked a flight from Toronto to Doha. Canadian authorities arrested him after a request by the US for provisional arrest and extradition efforts.
So now US authorities are also working with Canadian officials in the extradition process. The Justice Department’s Office of International Affairs is helping in case work and the investigation is being conducted by multiple US agencies such as the IRS Criminal Investigation Division. Both state and federal law enforcement agencies have been providing help in the investigation of the fraud network and the role of individuals involved.
The charges against Goswami are severe, with the maximum penalty for the charges to be up to 20 years in prison according to prosecutors. But the charges have not been proven in court. US authorities have stressed that the criminal complaint contains accusations and Goswami is presumed innocent unless and until proven guilty through the legal process.
The case also illustrates the increasing sophistication of financial scams targeting older people. Fraudsters may impersonate bank employees, government officials, police officers or other trusted authorities in an effort to create urgency and fear. When victims perceive that their money is at risk, scammers can pressure them to take financial decisions they would otherwise avoid. Connectivity with various intermediaries who supposedly fetch money or valuables can make such networks harder to trace.
Families should talk to older relatives about financial scams; the case is particularly important. A surprise call with a demand for immediate financial action should be approached in a measured manner, especially if the person is calling from a government agency, bank or law enforcement agency. If we can verify our victims’ backgrounds through trusted channels, then we can help prevent them from making the wrong decision.
The investigation of the alleged ₹72 crore fraud is ongoing. As authorities are still trying to figure out the full structure of the alleged network, the case illustrates the international nature of modern financial crime, with victims in the US, an accused person of Indian descent, and an arrest in Canada. The legal case will then see if Goswami had any role in the bigger fraud operation.
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