An Indian national who overstayed his student visa to remain in the United States illegally has been sentenced to 18 years in federal prison for his role in a massive international fraud scheme that preyed on elderly Americans, stealing millions in cash and gold from their retirement savings.
Atharva Shailesh Sathawane, 23, from India, was convicted by a jury of conspiracy to commit wire fraud and conspiracy to commit money laundering. He acted as a courier in the scheme, personally collecting and laundering over $6.6 million in cash and gold from vulnerable seniors across the East Coast.
Prosecutors revealed that Sathawane attempted to collect an additional $1.36 million in gold but was thwarted, once by a vigilant friend of a victim and again by his arrest during a law enforcement sting operation.
The fraud ring, orchestrated from India with domestic couriers like Sathawane, targeted elderly victims by posing as government officials or tech support personnel. They convinced seniors to liquidate their retirement accounts into cash or gold under false pretenses, such as protecting assets from supposed hacks or legal issues.
In total, the scheme defrauded at least 28 victims of approximately $15 million, with individual losses ranging from $50,000 to over $1.2 million.
One local victim, 84-year-old Gainesville resident Brian Oliver, lost $200,000 but played a key role in Sathawane’s arrest by alerting authorities. He described the scammers as “highly skilled manipulators” who exploited trust and fear.
U.S. Attorney John P. Heekin said in a press release, “Elder fraud schemes like this one are taking place every day in every state, but especially in Florida due to our large population of retirees, so it is of critical importance that we educate the public of these threats to prevent these fraudsters from continuing to victimize our seniors. I applaud the excellent investigative work by our state and federal law enforcement partners to uncover and dismantle this complex, international fraud scheme, which was made possible by the brave victims who came forward to report the fraud in the first place. Our hope is that these elder fraud schemes never occur, but the talented prosecutors in my office will aggressively pursue the heinous fraudsters, like this defendant, and seek maximum punishments when we catch them.”
Sathawane, who was living illegally in Gainesville, Florida, after his student visa expired, was arrested in a joint operation involving the FBI, IRS-Criminal Investigation, and Gainesville Police Department.
FBI Jacksonville Special Agent in Charge Jason Carley emphasized the prevalence of such schemes, particularly in states like Florida, which have large elderly populations.
“If anyone tells you to buy gold and hand it over to a stranger, it is not an investment, it is a scam,” said Carley. “Mr. Sathawane preyed on his victims’ trust and fear, convincing them to turn over their life savings in gold. Unfortunately, this is a growing trend. In Florida alone, victims lost more than 33 million dollars last year just to gold bar scams. This sentencing is just one step toward justice for the victims in this scheme and the FBI’s efforts to stop this from happening over and over again.”
In addition to the prison sentence, Sathawane has also been ordered to pay $4.36 million in restitution to 12 identified victims.
WATCH:
NEW: Indian national on an auto-pen expired Biden “student visa” arrested & sentenced for a $15 million elder fraud scheme of Americans.
The Trump DOJ is putting the Democrat imported fraudsters on notice. They’re no longer the hunters. They’re now the hunted. pic.twitter.com/WZp0SDQmHp
— Dapper Detective (@Dapper_Det) February 21, 2026
The DOJ explained in a press release about the case:
If you or someone you know is age 60 or older and has experienced financial fraud, experienced professionals are standing by at the National Elder Fraud Hotline 1-833-FRAUD-11 (1-833-372-8311). This Justice Department hotline, managed by the Office for Victims of Crime, can provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.
More information about the department’s efforts to help American seniors is available at www.justice.gov/elderjustice. For more information about the Consumer Protection Branch and its enforcement efforts visit www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints can be filed with the FTC at www.reportfraud.ftc.gov/ or at 877-FTC-HELP. The Justice Department provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, at www.ovc.gov.
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