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Fraud Friday — Nik Patel Claims Access to $35 Million in “Dirty” Money, Family Flees to Ecuador Day after his Arrest, Nik Planned to Buy Rare Diamonds

January 26, 2018

By Bob Coleman
Editor, Fraud Friday

Fraud Friday — Nik Patel Claims Access to $35 Million in “Dirty” Money, Family Flees to Ecuador Day after his Arrest, Nik Planned to Buy Rare Diamonds

  • Nik Patel Planned to Buy One of the World’s Rarest Diamonds
  • Claims Assets of $35 Million in “Dirty” Money — “Don’t Ask”
  • Charter Flight to Ecuador Left the Day After Nik’s Arrest, Carrying 9 Patels
  • US Attorney Labels Dad, Ajay Patel, “Aider and Abettor” in Plan to Flee
  • US Attorney Says Ajay Possess Stolen Property in India
  • International Intrigue with Secret Bank Accounts in Dubai
  • World-Wide Network of Accomplices and Lawyers
  • Claims Political Asylum Granted
  • $3 Million to be Wired to Ecuador
  • $500,000 in Luxury Autos Waiting in Ecuador
  • “White” Powder Seized at Airport
  • Also Seized, 7 Luxury Watches, $20,000 Cash, Numerous Credit Cards
  • Four FBI Agents were at Kissimmee Airport Waiting for Him at 7am Jan 6th
  • Other than “Alcohol-Related Problem,” No Danger to Community says Attorney
  • Feds say Kevin Timirchand is K.T. Was to Move to Ecuador and Start a Business with Nik
  • Nik’s Sentencing Hearing is March 6th on his 5 Loan Fraud Guilty Pleas

The Feds have had enough. They opened up their playbook to the judge this week when Nik requested bail and responded with a 25-page motion citing the unbelievable brazen scope of Nik’s international criminal behaviour — a plot to buy of one of the world’s rarest diamonds with $35 million of “dirty” money, a worldwide network of accomplices and lawyers, secret Dubai bank accounts, false passports and of course the two international jet charters to Ecuador.

Writes the US Attorney in a motion opposing Nik’s request for bond, “Defendant’s assurances that if readmitted to bond he will abide by its conditions and appear for sentencing are unworthy of belief. It is difficult to overstate defendant’s lack of candor with this Court in light of the extensive steps he took to flee.

“Defendant misled this Court into believing that he needed additional time to assure the sale of Davenport Ventures when it now appears the purported purchaser was a sham. Given the documents in his possession, it seems clear that his previously sought delays were for the purposes of securing his escape.

“The documents in his possession suggest that defendant likely secreted funds and assets in shell companies and outside the United States. Although defendant returned some funds to the receiver, he may well have been the source of some or all of these funds.”

Earlier this week, the $179 million fraudster’s attorney filed a motion supporting bond saying “other than his alcohol-related problems,” there is no evidence that Nik poses a danger to the community. He made an extreme lapse in judgement and “will not make the same stupid mistake again.”

Also, “Mr. Patel is very close with his grandmother, who is very ill and whose prognosis is very poor. Without conditional release, Mr. Patel will likely not see his grandmother before she passes away, or be able to attend her funeral.”

Nik’s family and cousins would step up and pay for a 24-hour law enforcement watch, provide a $1.5 million secured bond. Plus the surrender of Nik’s family’s passports — father, mother, wife and cousin. (Probably would have been important information to disclose to the Court that wife and eight other Patels probably left for Ecuador on another chartered jet from Orlando on January 7th.)

Nik’s attorney withdrew the motion for bail yesterday.

Where to start? I find the note seized by the FBI so fascinating in detail that I’m publishing the whole thing. Talk about meticulous planning. Nik really thinks he is smartest person in the room.

And that may be true, but the FBI also has smart people working for the agency.

Four agents were waiting for him at the Kissimmee Gateway Airport that Saturday morning. They approached him as he was parked next to his fully fueled chartered jet as suitcases were being loaded for the trip to Ecuador.

This memo was found in Nik’s possession.

Nik Patel’s Undated and Unaddressed Memo Seized by the FBI

What we are doing:

FB’s lawyer is coming up with excuses and problems and dragging things on. I have got my final asylum approval and need to move things along and cannot just sit around here and wait any longer.

I am no longer counting on FB money, and if it comes one day, it will. However, I cannot sit here and wait and plan for those funds. I managed to get a few more dollars (don’t ask how) so as of today, I have a total of $35MM of “dirty” money.

I have arranged a diamond merchant that I trust in Dubai (based out of India- Parsas Patel). He is a major player and I’ve bought from him before, He has a 103.78 carat diamond. Shape is a modified shield, it is VS1 purity, and Color is Fancy Dar with brown greenish and yellow He will provide a GI and Kimberly Certificate. This Is one of the rarest diamonds in the world that is very sought after. He is also going to sell us 2-3 other diamonds similar to this one (smaller but similar) The 3-4 diamonds he sells us value will look on paper like $30MM and he will invoice for it $30MM. I will only explain the actual details to you in person when we meet after all this transaction takes place. You understand what I mean.

Francesa’s law firm will receive the funds from me or my representative and then receive purchase orders for the diamonds with payment terms for the $30MM. She will need to send the $30MM as instructed to the various Dubai bank accounts for the diamond merchants and then collect the diamonds on my behalf.

The $5MM left over is the fee for her firm to hold escrow and do the inspections for the diamond transaction and guaranty that the diamonds are received.

You can keep $2MM from that, as you need some of that for your house, etc. I need $3MM sent to me in S. America or I need you to open a bank account for me and place the money and get me the debit cards and checkbook for that account. I will have no other money in S. America when I go. So I need you to really take care of this ASAP.

The diamonds need to be kept in a safety locker box until we decide to liquidate them.

This is the cleanest way to do the transaction, kill any trace, and cover everyone. Legit stones are being bought and the “trace” ends there. Francesca did nothing wrong by buying the stone for “client” and neither did the person selling the stone.

My attorney friend’s firm cannot do a diamond transaction, nor can he take my $35MM since he could be asked the source of the funds and I would never pass a KYC, so the only issue right now is sending these funds out to Francesca’s law firm account in Dubai;

Questions:

a) Does Kevin still have vernum consulting?
b) Where does he bank at?
c) Largest transaction/wire he’s done? Amount of money he’s had?
d) Will it be an issue if I transfer funds to him and he wires it to Francesda law firm? He may have to leave right after. Or we can justify by him saying that someone approached him to send the funds and procure the diamond on their behalf for a fee. I can leave a couple hundred thousand in his account for him as a fee for procuring the diamonds?
e) If you don’t want to involve him, I do not care about sending the wire; However, I just don’t want to get stopped by the Feds because it goes out of my account. Then we all get stuck.
f) Whether I send the wire to Francesca law firm or Kevin sends it, we should document it as a loan? I was told by a friend that works at bank that whenever a “loan” is made, the wire never usually gets questioned. Need some backup paperwork for this to show the bank.

Things I need:

a) Francesa Law Firm KYG, Director Registration, etc. Diamond Merchant’s bank needs these items to clear on their side since she is paying them.
b) Francesa Law Firm Wiring Instructions. Need to also make sure that same account is where the money will be going out from.
c) The diamond seller needs her e-mail address and phone. He will contact her after I send him a secure message that funds have been sent to her in Dubai. At that time, she will work on securing proforma invoices with payment instructions from him.

Final Timing

The wire will go from US bank account to Francesca’s law firm on August 4th so we can expect 24 to 48 hours time after that to credit her account.

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Fraud Friday will cover these stories in the future:

1) Nik’s web is breathtaking. Attorneys all over the world. Francesa’s law firm for diamond transactions. A good friend in India obtaining the India passport. Kevin Timirchand is id’d by the FBI as the driver of the Cadillac Escalade that took Nik to the Kissimmee Gateway Airport and is to be Nik’s business partner in Ecuador. The US Attorney says Nik’s father, Ajay Patel was a significant beneficiary of the fraud and remains in possession of stolen funds.

2) Nik had an impressive array of checkbooks and credit cards at his arrest. He also has receipts for the purchase of three luxury automobiles of over $500,000 waiting for him in Ecuador.

3) The explosive allegation by the US Attorney that funds recovered by Nik are a sham and actually for the benefit of the receiver were from accounts stashed offshore.

4) Nik’s Sentencing Scheduled on March 6th in Chicago.

Read our previous reporting

Fraud Friday — Fraud Friday — Nik Patel Paid $40,000 for Private Jet Charter to Ecuador, Claimed he Received Political Asylum, 1/19/18

Special Fraud Friday Tuesday Edition — Nik Patel Arresting Fleeing US in Chartered Jet, 1/09/18

Fraud Friday — Nik Patel Pleads Guilty to $179 Million USDA B&I Loan Fraud, 12/16/17

Fraud Friday — Nik Patel Indicted on 5 Counts of Fraud, 12/11/15

Fraud Friday — Nik Patel’s Partner Sued for $4.5 Million from USDA B&I Loan Fraud, 10/23/15

Fraud Friday — Five Nik Patel hotel properties are being sold by auction.com in July, 5/15/15

Fraud Friday — First Farmers’ Nik Patel’s Assets Frozen, 10/10/14

Fraud Friday — Feds Claim $179 Million Usda-b&i Loan Fraud — Arrest First Farmer Financials’ Nik Patel, 10/3/14

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