Llano County investigators partnered with state authorities to track down and arrest a man accused of bilking people out of thousands in cryptocurrency, while posing as a “federal agent”.
Cryptocurrency is a digital “asset” that uses cryptography for security rather than a bank or government entity. A so-called blockchain system records all transactions across a global network of computers. Bitcoin was the first cryptocurrency which started in 2009.
On April 8, LCSO’s Criminal Investigations Division (CID) worked with the Texas Attorney General's Office, to halt an “ongoing fraud scheme targeting a Llano County resident.”
“The investigation revealed that a Llano County resident was manipulated by individuals posing as federal agents, resulting in a loss of approximately $25,000 in cryptocurrency,” according to a statement from LCSO. “The suspects then attempted to further defraud the victim by directing him to purchase approximately $335,000 in gold, intended for pickup by a courier at the victim's residence.
In the cryptocurrency world, “gold-backed cryptocurrency” is a “digital token of exchange that is designed to track the value of gold and may represent a claim on, or a redemption right to, a specific amount of physical gold under the issuing company's terms." “Through coordinated surveillance and investigative efforts, law enforcement identified and intercepted the suspect prior to arrival of the victim's residence in Llano County,” the statement continued.
Without incident, authorities arrested Dhyey Rakeshkumar Patel and charged him with: money laundering = $300,000, a 2nd degree felony; and money laundering = $2,500 < $30,000, a state jail felony.
“Evidence gathered during the investigation indicated that Patel may have been involved in similar transactions prior to this incident,” according to the LCSO statement.
The case prompted authorities to issue a warning to the public.
“The Llano County Sheriff's Office reminds the public that scammers often impersonate government officials and may request payment through cryptocurrency, gift cards, or high-value assets such as gold,” the statement read. "Citizens are urged to verify any such requests and report suspicious activity to law enforcement.
For more information or to offer a report, contact the sheriff’s office at 325-247-5767.
As of April 16, the suspect remained in the Llano County Jail.
