Once the numbers were skimmed, new cards were made with the victimâ??s debit card numbers were used at New York City ATMâ??s to withdraw as much money as possible from the victimsâ?? checking accounts.
Court Records show withdrawals as well as millions of dollars from cash-outs were deposited into dozens of bank accounts in an attempt to avoid transaction reporting requirements.
The stolen money was then, typically, immediately withdrawn by the true account holder in California or Nevada.
The Indictment says Davit Kudugulyan, Garegin Spartalyan, Aram Martirosian and Hayk Dzhandzhapanyan were arrested in Manhattan on March 21, 2013, related to their involvement in the ATM cash-out operation.
The defendants had been in New York since March 7, 2013, cashing-out victimsâ?? accounts from a RaceWay gas station in Mesquite, Texas and from various gas stations in North and South Carolina.
The defendants were found in possession of more than 400 forged debit cards, an encoding device, and approximately $340,000 in cash and money orders.
These items were found both on their person as well as in the room.
A lawyer for accused ringleader Davit Kudugulyan declined to comment.