A 21-year-old Indian-origin man has been arrested in connection with a large-scale fraud scheme targeting elderly victims across the United States, with US authorities alleging he served as a "money mule" for the operation. According to the US Department of Justice, Gujarat-born Jay Sunilbharthi Goswami allegedly collected cash and gold from elderly victims on behalf of a fraud ring and passed the valuables on to other members of the conspiracy. Nine elderly victims are alleged to have collectively lost around ₹72.3 crore in cash and assets. As with any criminal complaint, the allegations remain unproven in court, and Goswami is presumed innocent unless proven guilty.
How the Alleged Scheme Worked
Investigators say the IRS Criminal Investigation Division first learned in January 2026 about an internet- and phone-based fraud scheme targeting elderly people across the Western District of New York and other parts of the US. According to the complaint, fraudsters would first tell victims their bank accounts or personal information had been compromised, then persuade them to convert their assets into cash, gold, or gift cards, often while posing as law enforcement officers or other trusted authority figures to build credibility.
Once a victim had converted their assets, alleged money mules were reportedly sent to physically collect the cash or gold and deliver it to other members of the network, a structure investigators say helps keep the operation's primary organisers at a distance from direct victim contact.
The DOJ alleges Goswami acted as one of these money mules, personally collecting or conspiring to collect cash and gold from elderly victims in New York and New Jersey on at least nine separate occasions. The nine victims named in the case ranged in age from 59 to 87, and are alleged to have collectively lost approximately $7.56 million, converting to roughly ₹72.3 crore.
A Bank Account Under Scrutiny
Investigators also flagged suspicious activity in a Bank of America account opened by Goswami, where more than $90,000 in cash, equivalent to over ₹86 lakh, was reportedly deposited between August 1, 2025 and April 6, 2026. Authorities believe these deposits may represent compensation Goswami allegedly received for his role as a money mule.
An Arrest, a Border Crossing, and a Second Arrest
Goswami, who previously lived in Jersey City, New Jersey, faces charges of wire fraud, conspiracy to commit wire fraud, money laundering, and conspiracy to commit money laundering, carrying a maximum sentence of up to 20 years if convicted.
He appeared before US Magistrate Judge Mark W. Pedersen on August 17 and was released under certain conditions. The very next day, however, he allegedly crossed into Canada through the Peace Bridge and was later found to have booked an evening flight from Toronto to Doha, Qatar. Once US authorities became aware of this, the Probation Office filed a violation report with the court, triggering an arrest order.
Canadian authorities took him into custody at Toronto Pearson International Airport that same evening over alleged immigration violations, and he was arrested again on August 20 following a formal US request for provisional arrest pending extradition.
What Happens Next
The US Department of Justice's Office of International Affairs is now working to secure Goswami's extradition from Canada. The investigation itself is being led by the IRS Criminal Investigation Division, with support from the New York State Police, New Jersey State Police, and Homeland Security Investigations, while the US Marshals Service, Border Patrol, and Canadian law enforcement handled the subsequent arrest.
Investigators say they're continuing to examine Goswami's alleged role within the broader fraud network, his financial transactions, and possible connections to other participants in the scheme.
FAQs
Q1. What is Jay Sunilbharthi Goswami accused of?
Acting as a "money mule" in a fraud scheme targeting elderly Americans, allegedly collecting cash and gold from at least nine victims and delivering it to other members of the conspiracy.
Q2. How much did the alleged victims lose?
Nine elderly victims, aged 59 to 87, are alleged to have collectively lost around ₹72.3 crore ($7.56 million) in cash and assets.
Q3. Why was Goswami arrested a second time?
After being released on conditions, he allegedly crossed into Canada and attempted to book a flight to Qatar, prompting a violation report, an arrest order, and his subsequent detention by Canadian authorities.
Q4. What happens next in the case?
The US Department of Justice is working to secure his extradition from Canada, while the investigation into the broader fraud network continues.