Indian Charged with Fraudulent Loan Application and COVID-19 Aid Fund Scam in United States – The New Indian Express
HOUSTON: A 55-year-old Indian man has been indicted in the United States for his alleged involvement in a scheme to file fraudulent business protection loan applications and later defraud the money for his personal use, the ministry said of Justice.
Dinesh Sah of North Texas fraudulently solicited about $ 24.8 million in Paycheck Protection Program (PPP) repayable loans guaranteed by the Small Business Administration (SBA) under the CARES (Coronavirus Aid) Act. , Relief, and Economic Security).
Sah allegedly submitted 15 fraudulent requests to approved lenders for PPP loans through several “so-called” companies, according to the indictment provided by the DOJ.
The indictment alleges that one of the Relief Without Borders LLC companies was registered as a company in mid-May.
“The registered business address for Relief Without Borders LLC was Sah’s residence in Coppell, Texas,” the indictment reads.
“Sah was listed as the registered agent and managing member of the company. Sah’s claims would include allegations that the companies had large numbers of employees and hundreds of thousands of dollars in salary expenses,” according to the DOJ report. .
Sah received around $ 17.7 million in PPP loans and allegedly used the money to pay for personal expenses such as several luxury homes and cars, according to the report.
Sah has also reportedly transferred millions of dollars internationally, the report says.
The money, which is part of the CARES Act, is designed to provide emergency financial assistance to Americans suffering the economic effects of the coronavirus pandemic, including small businesses.
The US Department of Justice has announced that a federal grand jury has indicted Sah with three counts of wire fraud, three counts of bank fraud and one count of money laundering.
“Today’s indictment shows Sah’s shameful greed. Mr. Sah viewed the paycheck protection program as his own personal piggy bank, offering himself not only millions in cash, but several luxury vehicles and properties, while being rightful owners of small businesses in the United States States have desperately looked for ways to put food on their tables and make sure their employees are paid, ”the agent said. IRS Special, Tamera Cantu.
There have been several cases of people attempting to defraud the Paycheck Protection Program, including a man from Florida who used the money to buy a Lamborghini, a man from Detroit who used it to buy several cars and a man from North Carolina who has received over $ 1.7 million in benefits for companies named after characters from the “Game of Thrones” TV show.