Coppell man charged with $ 24 million COVID-19 relief fraud, DOJ says
The Texas man received around $ 17.3 million in loan funds and used most of it for several homes, luxury cars and international transfers, according to the indictment.
DALLAS – A man from North Texas has been loaded in an indictment filed Thursday for his alleged participation in a scheme to file fraudulent loan applications, according to the US Department of Justice.
Dinesh Sah, 55, of Coppell, Texas, is said to have requested approximately $ 24.8 million in paycheck protection program (PPP) repayable loans guaranteed by the Small Business Administration (SBA) under the CARES Act ( Coronavirus Aid, Relief, and Economic Security).
Sah was charged with three counts of wire fraud, three counts of bank fraud and one count of money laundering in an indictment filed in the North District of Texas.
The indictment alleges that Sah submitted 15 fraudulent claims, filed on behalf of various businesses he owned or controlled, to eight different SBA-approved lenders seeking approximately $ 24.8 million in loans PPP.
In his claims, Sah claimed that these companies had large numbers of employees and hundreds of thousands of dollars in salary expenses while no company had employees or paid salaries corresponding to the amounts claimed in the PPP requests, indicates the indictment.
The indictment also alleges that Sah submitted fraudulent documents in support of his claims, including forged federal income tax returns and forged bank statements for businesses.
Sah eventually received around $ 17.3 million in PPP loan funds and used it mostly for personal expenses, such as spending it on multiple homes, luxury cars and sending millions of dollars in international transfers, according to the report. the indictment of the department.
To date, the government has seized over $ 6.5 million in fraudulent products that Sah obtained.
This matter was investigated by agents from the US Treasury, the IRS and the Inspector General.
Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Control hotline at 866-720-5721 or via the NCDF online complaint form.