Property Tied to Counterfeiting Ring—Bidding Starts at Just $900,000
NEW YORK — A Forest Hills home valued at approximately $2.45 million is heading to a federal auction, with bidding set to begin at just $900,000. The property was tied to two brothers convicted in a major international counterfeit U.S. currency case.
Located at 110-37 69th Ave. in Forest Hills, the five-bedroom home was once owned by brothers Eduard and Arkadiy Bangiyev, who were convicted in a federal case involving the production and distribution of counterfeit U.S. currency.
According to federal prosecutors, the criminal operation produced large quantities of counterfeit American currency and moved the fake bills into the United States through shipments of merchandise. Investigators linked the operation to tens of millions of dollars in counterfeit currency.
In 2015, the two brothers pleaded guilty to federal charges. As part of the case, properties connected to their criminal activities became subject to forfeiture proceedings. After years of litigation, the federal government obtained a controlling ownership interest in the Forest Hills property.
Now, the home is being offered at federal auction with an opening bid of $900,000 and a required $150,000 deposit.
Potential buyers will have an opportunity to inspect the property before the auction. The online auction is scheduled for October 23, 2026.
The auction has drawn attention because a Forest Hills property valued at roughly $2.45 million is entering the federal sale process with an opening price of less than $1 million.
A valuable Queens home with a remarkable legal history is now headed for the auction block—putting a property once tied to a major counterfeiting case on the market for federal sale.
