Massachusetts man arrested in $1M bank fraud scheme involving more than 100 counterfeit checks

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A Massachusetts resident finds himself in legal hot water as federal investigators unveil an intricate bank fraud scheme. This elaborate plan involved the creation of over 100 counterfeit checks, totaling a staggering sum exceeding $1 million.

Hui Zhang, 41, of Quincy, Massachusetts, stood before a federal court in Worcester, facing a single count of bank fraud. The U.S. Attorney’s Office for the state filed the charge.

After extensive investigative work, FBI agents executed a raid on Zhang’s residence, leading to his apprehension.

Between June 2020 and at least May 2022, Zhang is alleged to have orchestrated a scheme involving fake bank accounts under fictitious identities. In these accounts, he managed to deposit over $1 million, consisting of around 114 counterfeit checks.

Subsequently, he made substantial cash withdrawals through ATMs, accumulating hundreds of thousands of dollars.

Investigators managed to identify Zhang, in part, thanks to a distinctive tattoo on his left hand, visible in surveillance footage captured during ATM withdrawals.

Furthermore, it was discovered that Zhang used the same IP address to create the fraudulent bank accounts and deposit the counterfeit checks.

The charge of bank fraud carries a maximum penalty of 30 years in prison, up to five years of supervised release, and a potential fine of up to $1 million, or twice the ill-gotten gains, as specified by the U.S. Attorney’s Office.

Authorities have confirmed that the investigation remains ongoing.

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