Firoz Patel to forfeit over $4 million laundered through Payza
As part of his guilty plea in the $250 million Payza money laundering case, Firoz Patel will personally forfeit over $4 million dollars.
As per a consented to Final Order of Forfeiture filed on August 17th, Patel will forfeit
- $4 million in Payza funds seized in November 2013;
- $100,000 in Payza funds seized in February 2014
- $250,359 in Payza funds seized in June 2016;
- all funds seized in Global Reach Partners accounts in the UK held in the name of Damaras Limited;
- all funds seized in HSBC accounts in the UK held in the name of Damaras Limited;
- $270,000 in Payza funds seized in April 2019;
- both the “payza.com” and “alertpay.com” website domain names;
Firoz Patel, a co-founder of Payza, plead guilty to criminal charges filed against him last month.
US authorities allege Payza processed over $250 million for the purpose of money laundering.
Patel is scheduled be sentenced on November 10th, 2020.
Update 11th November 2020 – There’s been a hiccup in that the court has rejected the proposed forfeiture amount.
This has impacted Firoz Patel’s scheduled November 10th sentencing hearing.
I’m continuing to monitor the case docket for updates.
Update 12th November 2020 – On November 10th the Patel brothers were sentenced to 4+ years in prison.
slap on the wrist i guess but i guess is somethin.
And now? What happen with the funds of all their users? Lost? Impossible to recover?
The DOJ have an automatic reply and don’t help in anything.
Funds were laundered, where you gonna recover them from?
If the DOJ aren’t responding you already know you’re likely not getting anything back.
I got response from DOJ that they can only help if users had funds on payza.com,if it was on payza.eu than they can’t do anything about it.
My reply was that i withdraw my funds on 14th march from payza.com page before arrest of Ferhan Patel and that i did not receive my money.
I never got any reply from them after that.
Maybe they will refund US citizens,rest of the world will be collateral damage.
Numion you should contact the UK FCA as they had a license with UK to operate the EU company.
fca.org.uk/consumers/report-scam-us
Article updated with sentencing hearing delay.
Case ended this morning. Ferhan 18 months. Firoz 36 months. 4m$ forfeiture each. MH Pillars can’t operate for three years.
Docket made it look like there was a delay. I’ll check back tomorrow morning.