QUINCY, Mass. — A Quincy man was arrested Thursday morning on charges in connection with a bank fraud scheme involving more than 100 counterfeit checks totaling over $1 million, federal investigators said.
Hui Zhang, 41, was slated to be arraigned Thursday afternoon in federal court in Worcester on a single charge of bank fraud, according to the United States Attorney’s Office for Massachusetts.
Zhang was taken into custody after an extensive investigation culminated with FBI agents raiding his home. Video captured by a Boston 25 photographer showed multiple agents removing evidence from a white multi-level home at 27 Bradford Street.
Starting around June 2020 through May 2022, investigators allege that Zhang opened fraudulent bank accounts under false identities, deposited over $1 million worth of about 114 counterfeit checks, and then subsequently withdrew hundreds of thousands of dollars in cash from the accounts via ATMs.
Zhang was identified in part by a tattoo on his left hand that was visible in surveillance footage of the ATM withdrawals, investigators said. He also allegedly used the same IP address that was used to open one of the fraudulent bank accounts and to deposit the counterfeit checks.
The charge of bank fraud provides for a sentence of up to 30 years in prison, five years of supervised release, and a fine of up to $1 million, or twice the gross proceeds, the US Attorney’s Office said.
An investigation is ongoing.
This is a developing story. Check back for updates as more information becomes available.
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