New York Banker Admits to Laundering Medicare Fraud Proceeds

A man from New York entered a guilty plea on Tuesday for laundering over $8 million associated with healthcare fraud through a U.S. bank for a transnational criminal organization (TCO), as noted in a Department of Justice (DOJ) announcement.

Renat Abramov, 36, took advantage of his role as a “relationship manager” at a Bank of America branch in Sheepshead Bay, Brooklyn, to facilitate complex international schemes. He holds dual citizenship in Azerbaijan and the United States and was affiliated with TCO Anonymous, a group known for identity theft across the U.S., which submitted fraudulent Medicare claims exceeding $10 billion.

Abramov had been working as a relationship manager at the bank for about seven years, according to his LinkedIn profile.

The DOJ release indicates that he aided the operation by using fake business registration documents to create bank accounts for individuals, many of whom were not legally in the U.S. These individuals posed as owners of fictitious medical device companies. Fraudulent insurance checks, which seemed legitimate because they originated from Medicare and other insurance companies, were deposited into these accounts. Subsequently, TCO members transferred funds to offshore accounts and cryptocurrencies.

This operation came to light through the DOJ’s initiative, known as Operation Gold Rush, which led to more than 300 arrests in June 2025. The operation unveiled over $14.6 billion in suspected fraud, marking it as the most extensive health care fraud crackdown to date.