Indicted In Global Cybercrime Ring That Stole $530M

Feds Dismantle Ukrainian's $530 Million Carding Empire

Feds Dismantle Ukrainian's $530 Million Carding Empire

The US Justice Department announced one of its largest-ever takedowns of a global cybercrime ring on Wednesday, saying it had indicted 36 people accused of trafficking in stolen identities and causing more than $530 million in losses to consumers.

"The sole objective of the organization is the large scale acquisition and dissemination of stolen identities, compromised debit and credit cards, personally identifying information, computer malware and other products used to unlawfully enrich members and associates of the Infraud association", Dale Eliason, U.S. Attorney of Nevada, said in a call with reporters.

The Infraud Organization allegedly reaped $US530 million ($A742 million) in losses to U.S. financial institutions, merchants and consumers.

Excerpt from the indictment
Excerpt from the indictment

He had wanted to grow the organization into the internet's largest "carding" group - that is, a criminal group who buy retail purchases with counterfeit or stolen credit card information. "Infraud operated like a business to facilitate cyberfraud on a global scale".

Infraud members used an online discussion forum to "discuss, meet, and conduct criminal activities", and to advertise them, the indictment said.

They face charges that include identity theft, bank fraud, wire fraud and money laundering. Actual losses-which hit a wide swath of financial institutions, merchants, and private individuals-totaled more than $530 million.

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After a Las Vegas grand jury returned the nine-count indictment, federal, state, local, and worldwide law enforcement authorities arrested 13 defendants from the United States, Australia, the United Kingdom, France, Italy, Kosovo and Serbia.

Vendors sold illicit products and services to Infraud members.

"After Bondarenko went missing in 2015, [Sergey] Medvedev took his place as owner and administrator of the Infraud Organization", the indictment read.

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Ukranian national Svyatoslav Bondarenko started Infraud in 2010.

The accused were members of the transnational group the Infraud Organization that went by the slogan "In Fraud We Trust" and engaged in criminal activities including identity theft, bank fraud, wire fraud and computer crimes, United States authorities say.

Bondarenko remains at large, but the number two figure in the organization, Russian co-founder Sergey Medvedev has been arrested, according to United States officials.

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