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

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

Raed tweet of Secret Service:

According to statement released by Secret Service, estimated fraud value is based on data from Labor Department and Small Business ministration. Roy Dotson, agency’s national pandemic fraud recovery coordinator, said that data didn’t include COVID-19 fraud cases prosecuted by Justice Department. " 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 or benefits programs too. Every state has been hit, some harder than ors. Secret Service is hitting ground running, trying to recover everything we can, including funds stolen from both federal and state programs," ded Dotson.

Doston explain modus operandi to loot COVID aid

Assistant Special Agent in Charge said agency has seized more than $1.2 billion while investigating unemployment insurance and loan fraud. Moreover, top official also said that agency returned more than $2.3 billion of fraudulently acquired funds by working with financial partners and states to reverse transactions. Besides, agency is also spearheing cryptocurrency investigations involving use of unsuspecting victims as money mules to move stolen funds from one account to anor within cyber arena. " Secret Service has seen a huge uptick in electronic crime in furrance of se fraud cases. Criminals will often ask potential victims to open an account and move money for m for some reason as part of a ruse," noted fraud investigating officer. "Fraudsters, for example, prey on people by engaging m online as part of a romance scam, phoney job opportunity or or schemes, and n 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