IRS Criminal Investigation Division Releases Updated COVID Fraud Statistics
The Internal Revenue Service (IRS) released updated numbers showing its Criminal Investigation Division has investigated 1,644 tax and money laundering cases related to COVID-19 fraud potentially totaling $8.9 billion, with well over half of that amount coming from cases opened in the last year.
These cases include a wide range of criminal activity, including fraudulently obtained loans, credits, and payments meant for American workers, families, and small businesses under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. As of February 29, 2024, 795 people have been indicted for their alleged COVID-19-related crimes and 373 individuals have been sentenced to an average of 34 months in federal prison. During the last four years, the IRS notes that the Criminal Investigation Division obtained a 98.5% conviction rate in prosecuted COVID fraud cases.
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