HACKENSACK, NJ – A 39-year-old Georgia man has been charged in connection with a nearly $1 million money laundering scheme uncovered after a 15-month financial crimes investigation, authorities announced Monday.
Bergen County Prosecutor Mark Musella said Olanrewaju B. Adeosun of Dunwoody, Georgia, was arrested in Queens, New York, on November 9 with help from multiple federal and regional law enforcement agencies.
Adeosun is accused of using cryptocurrency accounts to conceal and distribute stolen funds taken through a fraudulent wire transfer in July 2024.
Fraud traced to Palisades Park business
The case began when the Palisades Park Police Department contacted the Bergen County Prosecutor’s Office Financial Crimes Unit after an area business reported a $982,148.28 loss caused by a fraudulent money wire. Investigators found the stolen funds were moved across several bank accounts and cryptocurrency platforms to disguise their origins.
Detectives allege Adeosun created a fictitious crypto account to convert the money into digital assets before transferring it into accounts under his control. The funds were later withdrawn and used for his personal benefit, authorities said.
Arrest coordinated with federal agencies
The investigation involved cooperation among the Department of Homeland Security, the Port Authority Police Department of New York and New Jersey, and U.S. Customs and Border Protection. Detectives ultimately located Adeosun in Queens, where he was taken into custody without incident.
Adeosun has been charged with first-degree money laundering under New Jersey statutes 2C:21-25a and 21-25b and remains in New York custody pending extradition to Bergen County.
Prosecutor thanks cooperating agencies
Prosecutor Musella emphasized that the charges are accusations and that Adeosun is presumed innocent unless proven guilty in court. He also thanked the Dunwoody Police Department in Georgia, Palisades Park Police, the Queens County District Attorney’s Office, and federal partners for their assistance.
The Bergen County Prosecutor’s Office said the arrest highlights the increasing complexity of modern financial crimes and the growing role of cryptocurrency in money laundering investigations.
Key Points
- Georgia man charged with laundering nearly $1 million through cryptocurrency accounts.
- Funds stolen from a Palisades Park business in 2024 traced through multiple financial platforms.
- Arrest made in Queens with help from federal and local law enforcement agencies; extradition pending.