A Newton man accused of illegally
pocketing $5.6 million in federal coronavirus loans was arrested last week just before he boarded a plane for Pakistan, federal authorities said.
Azhar Sarwar Rana, 30, falsified payroll and tax information to obtain the money from the federal Paycheck Protection Program, which was created to help small businesses stay afloat during the pandemic, U.S. Attorney Craig Carpenito said in a statement this week. Rana was charged Monday with bank fraud and money laundering.
Instead of using the loan to pay employees at a purported real estate business, Rana spent millions on himself for stock-market investments, a luxury car and other items, prosecutors said.
Newark, NJ A Sussex County, New Jersey, man will make his initial court appearance today on charges of fraudulently obtaining a federal Paycheck Protection Program (PPP) loan of over $5 million, U.S.
Azhar Sarwar Rana of Newton, New Jersey, is charged by complaint with one count of bank fraud and one count of money laundering. Rana was arrested Dec. 12, 2020, after he booked a same-day flight to Pakistan; he made his initial appearance by videoconference today before U.S. Magistrate Judge James B. Clark III and was detained without bail.
According to documents filed in this case and statements made in court:
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A Sussex County man who collected $5.6 million in federal COVID-19 pandemic loans that he wasn t entitled to was about to board a flight to Pakistan when federal agents arrested him, authorities said.
Azhar Sarwar Rana, 30, of Newton, took the money designed to keep struggling small businesses afloat during the pandemic – and invested millions in the stock market, made a payment to a luxury car dealership and sent hundreds of thousands of dollars to accounts in Pakistan, U.S. Attorney Craig Carpenito said.
Rana submitted an application for a stimulus loan under the federal Paycheck Protection Program for a company that purportedly invested in real estate development, Carpenito said.
US: Pak-origin man charged with fraudulently obtaining USD 5.6 million loan
Washington, Dec 15: A Pak-origin man has been arrested on charges of fraudulently obtaining a USD 5.6 million loan meant to help small businesses during the coronavirus pandemic.
Azhar Sarwar Rana, 30, of New Jersey, is charged by a complaint with one count of bank fraud and one count of money laundering. He was arrested on December 12, after he booked a same-day flight to Pakistan.
Rana made his initial appearance by videoconference on Monday before US Magistrate Judge James B Clark III and was detained without bail.
According to documents filed in this case and statements made in court, Rana submitted a fraudulent Paycheck Protection Program (PPP) loan application to a lender on behalf of a corporate entity, Azhar Sarwar Rana LLC, that purportedly invested in real estate development.