2 Indian-origin guilty to multimillion-dollar Covid fraud in US
2 Indian-origin guilty to multimillion-dollar Covid fraud in US
New York: Two Indian-origin men have pleaded guilty to their role in a scheme to fraudulently obtain and launder millions of dollars in forgivable Paycheck Protection Program (PPP) loans that the Small Business Administration guaranteed under the Coronavirus Aid, Relief and Economic Security (CARES) Act.
Nishant Patel, 41, Harjeet Singh, 49, and three others engaged in a conspiracy to defraud the SBA and certain SBA-approved PPP lenders by submitting false and fraudulent PPP loan applications, a Department of Justice statement said on Monday.
All five defendants also assisted in laundering the fraudulently obtained PPP loan funds by supplying the co-conspirators with blank, endorsed checks, which were made payable to people posing as employees of the companies that received the PPP loan, but who were in fact not employees.
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