Man in Salem gift card fraud case faces new crypto launderin... - New Hampshire Union Leader
Jinbin Ren faces a new money laundering charge in connection with an alleged gift card fraud scheme involving cryptocurrency transactions.
Jinbin Ren, 38, a Chinese national, has been indicted on a new charge of conspiracy to commit money laundering related to an alleged gift card fraud scheme that involved layered cryptocurrency transactions. The superseding indictment was issued by a federal grand jury on October 21, adding to the existing charge of conspiracy to commit wire fraud.
According to court records, Ren and co-conspirators obtained fraudulent gift card numbers and account information through theft, romance scams, and elder fraud between September 2021 and January 2024. The fraudulent gift cards were used to purchase Apple and other high-value electronic devices, which were shipped from a warehouse in Salem to international co-conspirators, primarily in China.
Crypto Transactions
Ren masked the illicit proceeds with "fraudulent gift cards and layered cryptocurrency transactions," the indictment said. "During the conspiracy, approximately 46 million USDT/TRX in deposits and withdrawals moved through cryptocurrency addresses associated with the defendant." The exact dollar amount is unknown but likely falls between $15 million and $46 million based on conversion rates.
The gift cards were purchased and activated throughout the United States, but many of the gift cards subsequently were redeemed in China through online orders.
Legal Status
Ren, who was released with a monitoring device, must return to federal court in Concord for an arraignment on November 9. A trial is set to begin on December 8. Ren is restricted from making any transactions using cryptocurrency as a condition of his release.
Ren's attorney, John Dennehy, noted that his client has never been charged with a violent crime and has lived in the United States for over 20 years with a green card. Ren lives in Lynnfield, Mass., with his wife and two daughters. Three co-defendants have already pleaded guilty to conspiracy to commit wire fraud charges.
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