Houston. Two people of Indian origin in America have confessed to being involved in a fraud worth millions of dollars by taking loans under the economic assistance scheme after the Covid-19 epidemic in the country. The Justice Department gave this information. Nishant Patel, 41, and Harjeet Singh, 49, of Houston, along with three others, were involved in fraudulently obtaining and laundering millions of dollars by taking loans under the Paycheck Protection Program (PPP) loan forgiveness scheme, the Justice Department said in a statement.
The Small Business Administration (SBA) guarantees this loan under the CARES Act. The defendants admitted submitting applications for fraudulent and fraudulent PPP loans to the SBA and certain SBA-approved PPP lenders. As part of this fraud scheme, Patel obtained fraudulent and fraudulent PPP loans totaling approximately US$474,993 and Singh obtained two fraudulent and fraudulent PPP loans totaling US$937,379, the statement said.
Three other people involved in the fraud received a total of more than US$1.4 million, according to the statement. The accused will be sentenced on January 4 next year in which each convict can face a maximum sentence of five years. Apart from these five people, one other person was convicted in the trial for his involvement in the fraud. Meanwhile, 15 other individuals have pleaded guilty to involvement in the loan fraud scheme.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.