A federal jury in Austin, Texas, convicted Bhavesh Kumar Thakkar, a 45-year-old Indian national, on Monday for his involvement in a scheme that defrauded elderly Americans of more than $150 million in cash and gold. Thakkar was found guilty on two counts related to wire fraud and money laundering, according to the U.S. Attorney’s Office for the Western District of Texas. He is the fourth defendant to be convicted in this case. Thakkar had been residing in the United States on a spousal visa and participated in the operation from at least September 2022 through September 2025.
The fraudulent scheme was operated from call centers in India, where scammers contacted victims by phone. Thakkar managed the financial transactions in the U.S., collecting cash and gold from victims and facilitating its transfer. The proceeds were sent to locations in Los Angeles and New York before being laundered overseas.
Prosecutors indicated that Thakkar personally received some of the funds from couriers and was linked to over $150 million in fraudulent money obtained from senior citizens nationwide.
U.S. Attorney Justin R. Simmons stated that the conviction serves as a warning to criminals targeting American citizens, both domestically and internationally: "Foreign actors, both abroad and here in the United States, cannot be allowed to target Americans, especially our most vulnerable citizens. Many victims lose a significant portion of their life savings to these scammers, leaving victims vulnerable and hopeless. When we find them, we will do all we can to take from them the same sense of freedom and comfort they stole from their victims."
Court documents detail the operation's methodology. Scammers identified their targets online, often fabricating a fraudulent charge on a credit card or bank account. A caller would then impersonate a Treasury Department or other government official, warning the victim that cash or gold needed to be surrendered to resolve an investigation. A courier would subsequently collect the items, either at the victim's residence or in a public location.
The victims were primarily elderly individuals. For instance, one man in Granite Shoals was informed that his identity had been stolen and linked to drug cartels, leading him to withdraw $180,000 in three separate transactions. An elderly woman in Fort Worth, who was told that her Social Security number was involved in money laundering, handed over $30,000 to a courier.
Two of Thakkar's co-defendants have already received sentences: Dhruv Rajeshbhai Mangukiya was sentenced to 97 months, and Kishan Rajeshkumar Patel received 63 months. A fourth individual, Rakesh Barot, pleaded guilty to conspiracy to commit money laundering and is awaiting sentencing. Thakkar has not yet been sentenced.
The Justice Department is intensifying efforts to address crimes committed by foreign nationals on U.S. soil. Earlier this week, the DOJ announced plans to revoke citizenship from several naturalized Americans convicted of financial fraud offenses.