40 Arrested In Nationwide Bank Fraud Scheme Using Dark Web Data To Steal Hundreds Of Thousands

Law enforcement officials have arrested 40 individuals in connection with a vast bank fraud scheme that used personal information obtained from the dark web to steal between $360,000 and $600,000 from unsuspecting victims. The victims, many of whom are from the Houston area, were unaware that their private information had been compromised until the money began disappearing from their accounts.

The investigation, known as “Operation Cash Back,” uncovered that the criminals behind the scheme were highly organized, with ringleaders including 23-year-old Gregory Edwards III, 25-year-old Doc Frank, 20-year-old Jayson Gipson, and 21-year-old Lajewel McGilbray. These individuals have been charged with engaging in organized criminal activity and money laundering.

According to Mont Belvieu Police Chief Jimmy Ellison, the criminals used the stolen information to make unauthorized wire transfers from victims’ bank accounts. To launder the money, they recruited friends and family members, often via social media, to help move the funds into legitimate accounts.

“Crooks have nothing but time to figure out how to get your data,” Ellison said, emphasizing that the victims did nothing to become targets of this sophisticated scheme.

Some of the alleged criminal associates were located as far away as Georgia and Illinois, demonstrating the wide reach of the operation. Mont Belvieu police continue to investigate the matter, seeking to identify additional suspects and ensure that all involved are brought to justice.

Experts advise the public to protect themselves by using unique passwords for each account, enabling two-factor authentication, and utilizing biometric security features whenever available. As the investigation progresses, authorities stress the importance of vigilance in safeguarding personal information against similar threats.