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Payza co-founders plead guilty to money laundering

Back in March 2018, the Patel brothers and Payza co-founder Firoz and Ferhan Patel were indicted with the guilty plea for bringing criminal proceedings against them. The news of them being guilty broke back in March and since then was a hotshot.

Formally, Firoz and Ferhan Patel have been pled guilty for conspiring to launder money and operating an internet-based unlicensed money service business that was processed for more than $250 million in illicit transactions.

Firoz Patel also pled guilty to one count of conspiring to launder monetary instruments for charges related to a case out of the Middle District of Tennessee. The fraud took place through AlertPay, Payza, and EgoPay whereas on the other hand pleas will see the Patel brothers surrender $12.5 million in ill-gotten gains.

The defendant has admitted that their scheme has caused over $250,000,000 illegally transmitted. Payza has also failed to conduct proper due diligence of their customers.

Patel brothers also acknowledged that they did this willfully, knowingly and with the specific intent to violate the law.

November 10th, 2020 has been scheduled for sentencing.
Payza clients have been requested to file any queries through their website.

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