US secret service reveals nearly $100 billion stolen in pandemic relief funds

The US Secret Service revealed a massive fraud in the COVID-19 relief funds, which were sanctioned by the Trump administration early in March 2020. According to the federal law enforcement agency, nearly $100 billion of the fund has been stolen from COVID-19 relief programs. The agency said that the funds were sanctioned by the then US President Donald Trump after the country reported the very first case of the coronavirus early in March last year. The funds were allocated majorly to support the business establishments and for the people who have lost their jobs to the pandemic.

Raed the tweet of Secret Service:

According to the statement released by the Secret Service, the estimated fraud value is based on the data from the Labor Department and the Small Business Administration. Roy Dotson, the agency’s national pandemic fraud recovery coordinator, said that the data didn’t include COVID-19 fraud cases prosecuted by the Justice Department. "The Secret Service currently has more than 900 active criminal investigations into fraud specific to pandemic-related relief funds," said Dotson. "That’s a combination of pandemic benefits and all the other benefits programs too. Every state has been hit, some harder than others. The Secret Service is hitting the ground running, trying to recover everything we can, including funds stolen from both federal and state programs," added Dotson.

Doston explain the modus operandi to loot COVID aid

The Assistant Special Agent in Charge said the agency has seized more than $1.2 billion while investigating unemployment insurance and loan fraud. Moreover, the top official also said that the agency returned more than $2.3 billion of fraudulently acquired funds by working with financial partners and states to reverse transactions. Besides, the agency is also spearheading cryptocurrency investigations involving the use of unsuspecting victims as money mules to move stolen funds from one account to another within the cyber arena. "The Secret Service has seen a huge uptick in electronic crime in furtherance of these fraud cases. Criminals will often ask potential victims to open an account and move money for them for some reason as part of a ruse," noted the fraud investigating officer. "Fraudsters, for example, prey on people by engaging them online as part of a romance scam, phoney job opportunity or other schemes, and then asking for financial favours. Targeted individuals are often asked to open bank accounts and accept large sum deposits. As a result, people are becoming unwitting mules for stolen money," explained Dotson. 

Image: AP