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
.
🤖 Quick Answer
What assets did Firoz Patel agree to forfeit in the Payza money laundering case?Firoz Patel, Payza co-founder, agreed to forfeit over $4 million in seized funds from multiple dates, including amounts from Payza and Global Reach Partners accounts. Additionally, he forfeited funds held in HSBC UK accounts under Damaras Limited and the "payza.com" and "alertpay.com" domain names as part of his guilty plea.
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