
Massive Bank Fraud Ring Busted: 40 Arrested For Using Dark Web Data To Steal From Victims
In a sweeping law enforcement operation, 40 suspects have been arrested for their roles in a complex bank fraud scheme that stole between $360,000 and $600,000 from unsuspecting victims using personal information obtained from the dark web. The victims, who were primarily from the Houston area, had no idea their private data had been compromised until they noticed missing funds.
The operation, named “Operation Cash Back,” uncovered a network of criminals who used the stolen data to access victims’ bank accounts and make unauthorized wire transfers. The group then laundered the money through accounts belonging to friends, family members, and others recruited through social media.
Mont Belvieu Police Chief Jimmy Ellison highlighted the sophistication of the scheme, saying, “Crooks have nothing but time to figure out how to get your data,” and urged the public to take steps to protect their personal information.
The scheme’s ringleaders, identified as 23-year-old Gregory Edwards III, 25-year-old Doc Frank, 20-year-old Jayson Gipson, and 21-year-old Lajewel McGilbray, face charges of organized criminal activity and money laundering. Some of the criminal associates were located in other states, including Georgia and Illinois, demonstrating the scheme’s far-reaching nature.
As the investigation continues, authorities are working to identify additional suspects involved in the operation. Online security experts recommend using strong, unique passwords, enabling two-factor authentication, and utilizing biometric security features to protect against similar fraud.