The scammer executed a meticulously planned cash robbery, resulting in a loss of $780,837 for the bank.

Gate News bot news, according to The Daily Hodl, the U.S. Department of Justice (DOJ) stated in a new press release that 25-year-old Oliver Tejada from the Bronx, New York, was sentenced to 60 months in prison for conspiring to steal cash from 11 different bank branches, 10 of which are located in the Eastern District of Pennsylvania.

Authorities said that Tehada and his accomplices stole over $1 million from 23 victims, but in some cases, banks discovered and reversed the transactions, resulting in a total loss of $780,837 for the banks.

In order to implement the scam plan, Tehada and his accomplices target elderly individuals and other victims to obtain their private bank account information, then call the bank to gather more information about the targets, and then use forged documents (such as fake ID cards) to impersonate them at various branches to make large withdrawals or wire transfers.

The transfer will be sent to someone's account, who has been recruited to receive the money and quickly deplete that account. In some cases, impostors use forged identification documents to obtain a debit card.

Tejada was initially charged in May 2024, and earlier this year he pleaded guilty to conspiracy to commit bank fraud, bank fraud, and aggravated identity theft.