A local Suwanee, Georgia man named Ashish Chandwadkar is currently under investigation by the FBI for cybercrimes related to a national real estate wire transfer fraud scheme involving the forging of Nevada Secretary Of State documents along with impersonating a company and defrauding a Colorado Springs company out of $10,000. The man lives at 5840 Mistydawn Dr in Suwanee, Georgia in a 5 bed 5 bath 4,000 square foot home valued at $650,000 which has investigators wondering if he is linked to a larger network of scams that date back several years.
Ashish was identified by a Colorado Springs house flipper named Brian Rudderow who is the CEO and owner of HBR Colorado, a property investment firm that buys houses with cash and also sells homes to other investors. Rudderow had a property under contract in the high-end luxury neighborhood of Colorado Springs known as Broadmoor. The home he had under contract was selling for $372,000 and he was assigning the contract to one of his investor partners who was looking to flip the home for a profit.
The investment firm that was purchasing the home was in need of a hard money lender so Rudderow referred them to one of his contacts who recently reached out to him on LinkedIn claiming to be a hard money lender with great rates as low as 6%. Rudderow was skeptical of the lender at first when he asked him to wire in funds for a deal that he was looking to take before the short sale was approved, but then he sent in some LLC documents which had his company listed as Funding CO Investor LLC. Rudderow warned the buyers about his suspicions regarding the scammer but they still decided to proceed and then on the day of closing the lender was nowhere to be found and the buyers had wired him a $10,000 "good faith payment" on October 8th, 2019.
Now, the FBI has been contacted and the man has been identified by Rudderow through an online profile that had his real name linked to the fake LLC name. Rudderow was also able to use the business ID from the LLC documents the fraudulent lender sent over to track down the real company which he was impersonating, Funding CO Investor LLC and pass on the impersonator's information to the companies legal team so they can press charges.
The buyers are currently attempting to reverse the wire transfer and recover their funds from Sun Trust Bank where they were wired to, and are currently working with both banks to achieve this, including their own personal bank from where the funds were sent. Sun Trust Bank was initially uncooperative until they were threatened with a lawsuit, and both the Lawrenceville, GA Police Department and the Suwanee Police were both contacted about this matter. Sun Trust Bank at 701 Duluth Highway, Lawrenceville, Georgia is where Chandwadkar picked up the money using a fake bank account with the name Jemuel Danial Philips.
Rudderow has also contacted the local FBI office in Atlanta, Georgia and informed them about Chandwadkar's Wire Fraud Scam and tipped them off that he has likely been at this for a while and may have several other victims that he's stolen money from in the past to account for as well.
Wire fraud in connection with Real Estate Transactions has been on the rise for the past decade. The FBI cybercrimes division has estimated that Americans have lost $19 million dollars to wire fraud in 2016, and that number has jumped to $969 million just one year later, a five-fold increase. Put another way, that amounts to $2.65 million in real estate funds stolen from buyers every day, some $110,000 per hour, every hour.
SOURCE: Press Advantage [Link]
HBR Colorado is a professional home buying company based in Colorado Springs, CO who buys houses with cash in one week flat all throughout the state of Colorado.
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