A 21-year-old Indian-origin man has been arrested in the United States in connection with an alleged large-scale fraud scheme targeting elderly victims, in which he is accused of acting as a “money mule.” 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 delivered the valuables to other members of the conspiracy. Authorities allege that nine elderly victims collectively lost approximately ₹72.3 crore in cash and assets. Goswami was arrested in Canada after allegedly attempting to travel to Qatar.
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. The charges carry a maximum sentence of up to 20 years in prison. However, US authorities have stressed that the allegations contained in the criminal complaint have not been proven in court and Goswami is presumed innocent unless proven guilty.
Elderly Victims Allegedly Forced to Convert Assets Into Cash and Gold
According to investigators, the IRS Criminal Investigation Division learned in January 2026 about an internet- and telephone-based fraud scheme targeting elderly people in the Western District of New York and other parts of the United States. The alleged fraudsters reportedly told victims that their bank accounts, funds or personal information had been compromised.
The victims were then allegedly persuaded to convert their assets into cash, gold or gift cards. The fraudsters subsequently posed as law enforcement officials or other trusted figures to gain the victims’ confidence. Once cash or gold had been obtained, alleged members of the conspiracy acting as money mules were sent to collect the valuables from victims and deliver them to other participants.
The US Department of Justice alleges that Goswami acted as one such money mule. According to the criminal complaint, he personally collected or conspired to collect cash and gold from elderly victims in New York and New Jersey on at least nine occasions.
The nine victims were between 59 and 87 years old. According to US authorities, they collectively lost approximately ₹72.3 crore in cash and assets. The amount represents $7.56 million converted into Indian rupees.
More Than ₹86 Lakh in Cash Deposited Into Bank Account
Investigators also identified allegedly suspicious transactions in a Bank of America account opened by Goswami. According to the complaint, more than $90,000 in cash was deposited into the account between August 1, 2025, and April 6, 2026. The amount is equivalent to more than ₹86 lakh. Investigators believe the deposits may have been compensation Goswami allegedly received for working as a money mule in the fraud scheme.
Goswami appeared before US Magistrate Judge Mark W. Pedersen on August 17, 2026, and was released under certain conditions. The following day, August 18, at around 10:25 am, he allegedly crossed into Canada through the Peace Bridge. US authorities later learned that he had booked an evening flight from Toronto to Doha, Qatar.
The US Probation Office subsequently filed a violation report with the court, following which an arrest order and warrant were issued. Canadian authorities took Goswami into custody at Toronto Pearson International Airport at around 7:13 pm on August 18 over alleged immigration violations. On August 20, he was arrested again in Canada following a US request for provisional arrest pending extradition.
The US Department of Justice’s Office of International Affairs is assisting efforts to secure Goswami’s extradition from Canada to the United States. The investigation is being conducted by the IRS Criminal Investigation Division, with assistance from the New York State Police, New Jersey State Police and Homeland Security Investigations. The US Marshals Service, US Border Patrol, US Probation Office and Canadian law enforcement agencies also played roles in the subsequent arrest.
The case highlights the alleged role of money mules in organised financial fraud. Fraud networks can use intermediaries to collect cash, gold and other valuables from victims while keeping the primary perpetrators away from direct contact. US investigators are continuing to examine Goswami’s alleged role in the fraud network, his financial transactions and possible links to other members of the conspiracy.
