Grand Rapids, MI – Two New York residents were sentenced to federal prison for their roles in a massive fraud conspiracy that swindled over $11 million from elderly victims across the United States. The scheme, which spanned multiple states, involved tech support scams that targeted vulnerable seniors.
Jayesh J. Panchal, 55, of Hicksville, New York, was sentenced to 78 months in prison and ordered to pay over $7.9 million in restitution. Vijaya C. Shetty, 53, of Flushing, New York, received a 63-month sentence and must pay nearly $600,000 in restitution. Both had pleaded guilty earlier this year.
According to U.S. Attorney Mark Totten, the defendants were part of a “horrific” scam that preyed on some of society’s most vulnerable members, leaving many of them financially devastated. In one Michigan case, a victim lost $398,000.
The scheme tricked victims into believing their bank accounts were compromised, coercing them into withdrawing and handing over large sums of money to fake federal agents. The fraudsters then laundered the money through various bank accounts.
Law enforcement agencies nationwide, including the FBI in Michigan, played a critical role in bringing these fraudsters to justice. The case highlights the ongoing threat of elder fraud and the need for heightened awareness and protective measures.
