Forty suspects have been arrested in connection with a large-scale 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 data had been compromised until the money began disappearing from their accounts.
The investigation, named “Operation Cash Back,” uncovered that the criminals behind the scheme were highly organized, with key figures including 23-year-old Gregory Edwards III, 25-year-old Doc Frank, 20-year-old Jayson Gipson, and 21-year-old Lajewel McGilbray. These ringleaders 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 stolen funds, they recruited friends, family, and others through social media to help move the money into legitimate accounts.
“Once they get the information, they start making wire transfers out of the victim’s bank accounts,” Ellison said. “But, in order for them to be successful, they have to transfer that money into a clean account, and that’s where they began recruiting other people.”
The operation’s reach extended beyond Texas, with some criminal associates located as far away as Georgia and Illinois. Mont Belvieu police are continuing their investigation and working to identify additional suspects involved in the network.
An online security expert advised the public to protect themselves from such fraud by using unique passwords for each account, enabling two-factor authentication, and utilizing biometric security features whenever possible. As the investigation progresses, authorities stress the importance of vigilance in safeguarding personal information against similar threats.
