Fresno police make arrests in international fraud ring

Several people suspected of participating in an international money laundering and financial fraud ring have been arrested by Fresno police, according to a report in Mercury News. Two of those arrested were immigrants from the former Soviet Union, Fresno police Lt. Don Gross said. Four more were arrested in other states. Three others fled the United States for Italy, Switzerland and the Central Asian Republic of Georgia, and another man was deported before police could charge him, Gross said. The group is accused of committing fraud against banks by opening accounts, buying expensive items with insufficient funds and then shipping the items out of the country before the checks bounced, Gross said. The suspects also defrauded lenders by falsely appraising real estate that was for sale. In one case, they obtained a $1 million loan on a property that sold for $200,000, Gross said.