The DOJ has charged five individuals in Operation Ghostbusters, an ongoing federal investigation into student loan fraud involving stolen US identities used to open Federal Student Aid accounts.
Authorities have seized over $750,000 in cryptocurrency, with estimated total fraud exceeding $200 million across more than 40 open federal cases.
Operation Ghostbusters is an ongoing federal investigation into student loan fraud. Authorities say the perpetrators were creating official accounts using stolen U.S. citizen credentials.
They then diverted the money from loans and grants to bank accounts controlled by foreign nationals, with the help of individuals acting as intermediaries in the United States. In a New Jersey case that began in March 2021 and continued until at least January 2026, the perpetrators embezzled more than $1 million from the Department of Education.
Who has been arrested and who is wanted?
Of the five people facing charges, four have already been arrested, including three in New Jersey. Authorities are also seeking to charge two other accomplices in Kenya who are connected to a safari company.
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The Department of Justice estimates the total scope of the fraud to be more than $200 million. There are currently more than 40 open cases, involving dozens of local FBI offices and prosecutors' offices across the country.
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