NORTH OF TEXAS (CBSDFW.COM) –A Coppell man has been charged with fraud and money laundering after allegedly spending over $ 17 million on Paycheck Protection Program loans for lavish personal expenses.
Dinesh Sah, 55, now faces three counts of wire fraud, three counts of bank fraud and one count of money laundering.
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“Mr. Sah exploited this terrible pandemic for personal gain – and he should be held accountable to the American people for this behavior,” said U.S. Attorney Erin Nealy Cox. “COVID-19 has devastated the finances of homeowners. hard-working companies across the country PPP funds should be reserved for those who really need it to keep their businesses afloat.
According to the indictment, Sah allegedly submitted 15 fraudulent loan applications, filed on behalf of various alleged businesses he owned or controlled, to eight different lenders seeking more than $ 24 million in PPP loans.
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In his demands, Sah allegedly claimed that companies had many employees and hundreds of thousands of dollars in salary expenses – when in fact he had created many companies after the passage of the CARES Act and no companies had no employees or wages. in accordance with the amounts claimed in the requests.
Officials say Sah ultimately received around $ 17.7 million in funds and allegedly used the proceeds for personal expenses, including spending the money on several luxury homes and cars, including a 2020 Bentley convertible.
Mr. Sah viewed the Paycheck Protection Program as his own personal piggy bank, affording himself not only millions in cash, but also several luxury vehicles and properties, while legitimate owners of small businesses in the United States were desperately looking for ways to put food on their tables, and to make sure their employees were paid, “IRS Special Agent Tamera Cantu said.
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To date, the government has seized over $ 6.5 million in fraudulent proceeds that Sah obtained in the scheme.