Over $1.18 Million in Cryptocurrency Seized in Federal Fraud Investigation in Savannah
SAVANNAH, GA – Federal authorities have seized and forfeited approximately $1,185,922.91 in cryptocurrency, recently converted to U.S. dollars, following a sophisticated fraud and money laundering investigation in the Savannah area.
The action, announced by U.S. Attorney Margaret E. Heap, was the result of coordinated efforts by the U.S. Attorney’s Office Asset Forfeiture Unit and the United States Secret Service (USSS). The investigation disrupted an international criminal operation targeting real estate professionals.
“This forfeiture is a testament to the drive and ingenuity of the investigative team, and the partnership between our office and the United States Secret Service,” said U.S. Attorney Heap. “We are now working to identify eligible victims who may be compensated with the forfeited funds.”
The case began in April 2023 when a Richmond Hill, Georgia, real estate agent reported suspicious communications from a supposed homebuyer claiming to have substantial cryptocurrency assets. Recognizing the hallmarks of fraud, the agent contacted the USSS. Investigators traced the scheme to another victim in North Carolina who had lost over $200,000 to the same criminal network through a fake cryptocurrency exchange.
The investigation revealed a large-scale money laundering operation, with over $100 million moved in a short period. The seizure of $1.18 million in cryptocurrency is part of a federal civil forfeiture action concluded in 2024, with authorities continuing to trace victims eligible for compensation.
USSS Savannah Resident Office Agent in Charge James Reno emphasized the importance of public awareness: “With the continued evolution of cryptocurrency fraud, our outreach efforts are crucial to preventing unsuspecting Americans from falling victim to these crimes.”
The investigation remains active as authorities work to identify additional victims and recover assets tied to the operation.
