Man Gets 11 Years for Buying Homes, Cars With $25M in COVID-19 Relief dailysignal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailysignal.com Daily Mail and Mail on Sunday newspapers.
Man Sentenced After Buying Homes, Luxury Cars With $24 Million In Fraudulently Obtained COVID Relief
A man from Coppell, Texas, was sentenced Wednesday to more than 11 years in prison for running a fraudulent scheme to receive about $24.8 million in forgivable Paycheck Protection Program loans, the Department of Justice (DOJ) announced.
Dinesh Sah, 55, pleaded guilty in March to wire fraud and money-laundering offenses, according to a press release. Sah sent 15 fraudulent applications to 8 different lenders which were filed under the names of fake businesses he claimed to own.
He claimed he had many employees and hundreds of thousands of dollars in payroll expenses, according to a press release. However, he didn’t have employees nor did he pay the wages claimed in the Paycheck Protection Program (PPP) applications.
Coppell man sentenced to over 11 years in prison for scheme to receive millions in PPP loans
Dinesh Sah, 55, used fake financial documents to secure over $17 million from the program, which was created to keep small businesses afloat during the pandemic.
File photo.(Andy Jacobsohn / Staff Photographer)
7:07 PM on Jul 28, 2021 CDT
A Coppell man was sentenced Wednesday to more than 11 years in prison for his scheme to obtain nearly $25 million in forgivable loans through the federal Paycheck Protection Program, the U.S. attorney’s office for the Northern District of Texas announced.
The PPP, managed by the Small Business Administration, was created to help keep struggling small businesses afloat during the coronavirus pandemic. Money received through the program’s forgivable loans must be put toward payroll costs, mortgage interest, rent and utilities.
Texas Man Gets 11 Years for $24 Million Worth of Fraudulent COVID-19 Relief Claims
On 7/28/21 at 10:11 PM EDT
A Texas man was sentenced to more than 11 years in prison on Wednesday after making a series of false claims in an attempt to fraudulently obtain $24.8 million in Paycheck Protection Program (PPP) loans.
U.S. District Judge Karen Gren Scholer handed 55-year-old Dinesh Sah the sentence and an order to pay $17,284,649.79 in restitution on Wednesday, just over four months after he pleaded guilty to money laundering and wire fraud charges, according to the Department of Justice. PPP loans were introduced as part of the Coronavirus Aid, Relief and Economic Security Act during the first wave of the COVID-19 pandemic and, unlike most other loans, can be fully forgiven under certain conditions.
Texas man sentenced for $24 million COVID-19 relief fraud scheme irs.gov - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from irs.gov Daily Mail and Mail on Sunday newspapers.