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Stolen Money From COVID-19 Relief Funds Were Used To Finance High-Rolling Lifestyles Of Fraudsters

Stolen money from the COVID-19 relief funds revealed to have been used to finance lavish lifestyles of the fraudsters. (Photo: CalMatters)
Stolen money from the COVID-19 relief funds revealed to have been used to finance lavish lifestyles of the fraudsters. (Photo: CalMatters)

Stolen money from the COVID-10 relief funds was revealed to have been used to fund the lifestyles of the criminals.

One criminal who used the stolen money from the COVID-19 relief funds revealed to have bought a private island. (Photo: ABS-CBN Foundation)

One criminal who used the stolen money from the COVID-19 relief funds was revealed to have bought a private island. (Photo: ABS-CBN Foundation)

Stolen Money By Fraudsters

Thousands of thieves have stolen money amounting to nearly $280 billion in federal COVID-19 relief funds. The stolen money constitutes close to 10% of the total aid disbursed by the US government to mitigate the economic effects of the pandemic.

These fraudsters have spent the stolen money on luxury items such as houses, cars, jewelry, and vacations, as well as engaging in activities like gambling and visiting strip clubs. The simplicity of the government’s aid distribution process, which aimed to provide relief quickly and with minimal hassle, allowed these thieves to easily lie on their applications and acquire the stolen money.

The stolen money financed a high-rolling lifestyle for many criminals, but only around $1.4 billion in stolen funds has been seized, and the federal justice system is inadequate to handle the large volume of pandemic fraud cases. The US Justice Department, however, has established special strike forces to track down these criminals and recover the stolen money.

According to a published article by WPTV, examples of such criminals include a Florida businessman who used the stolen money to buy a private island, a New York doctor who purchased luxury watches and made a down payment through the stolen money on a yacht, and a Houston resident who bought a Lamborghini and spent thousands of dollars at strip clubs.

Difficulty In Following The Financial Trail

In a published article by CBS News, these thieves come from different backgrounds and countries, demonstrating the global scale of the fraud.

The stolen funds have financed lavish lifestyles, but many fraudsters have been caught and sentenced to prison.

However, not all crooks will be caught due to the perishability of digital evidence and the difficulty of following the financial trail.

READ ALSO: A Police Officer From Bergen County Prosecutor’s Office Is Under Criminal Investigation In New Jersey

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