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    Chronicle NG

    Money Laundering: $20m cash concealed in mattress

    Chronicle EditorBy Chronicle EditorJanuary 25, 2017No Comments2 Mins Read
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    The $20m cash concealed in a mattress
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    The $20m cash concealed in a mattress

    United States authorities have seized $20m (£16m) in cash discovered in a bed frame under a mattress in a Massachusetts flat.

    The cash is believed to be linked to a $1bn pyramid scheme involving TelexFree, a company that claimed to provide internet phone services.

    Investigators uncovered the cash while following a Brazilian man, who was charged in connection to the haul, BBC reports.

    Federal prosecutors say the defunct company swindled almost a million people worldwide out of about $1bn.

    The US attorney’s office in Massachusetts tweeted a photo of the windfall of cash, which was found at the flat of Brazilian national Cleber Rene Rizerio Rocha, 28, in Westborough, Massachusetts.

    Mr Rocha was arrested and charged with conspiring to commit money laundering.

    A judge on Monday ruled that Mr Rocha was a flight risk and held him without bail.

    Prosecutors argue Mr Rocha was part of the scheme, transferring millions of dollars to Brazil by laundering the cash through Hong Kong.

    TelexFree, which purported to sell Voice over Internet Protocol (VoIP) services, allegedly made most of its revenue from people buying into the company scheme with the promise of payouts for posting online ads, according to federal prosecutors.

    Those investors were then compensated with money from new recruits, who were often friends and family members.

    “TelexFree purported to aggressively market its VoIP service by recruiting thousands of ‘promoters’ to post ads for the product on the Internet,” the Department of Justice said in a statement on its website.

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    Lagos: Nigerians reject 5% withholding tax on gaming winnings

    Lagos govt denies Sanwo-Olu’s resignation rumors over health

    April 28, 2026
    Ghana: Mahama suspends Supreme Court judge Gertrude Torkornoo

    Ghana ends US aid deal over demands for personal data

    April 28, 2026
    APC governors 'hijack' nomination forms as crisis deepens ahead of 2027 primaries

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    'Rivers not your inheritance', Dele Momodu blasts Wike

    Momodu condemns ‘bullying’ Atiku, recalls PDP ticket with Obi

    April 28, 2026
    Godwin Emefiele in court as EFCC alleges $6.23m CBN fraud linked to 2023 elections

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