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Hudson Reporter
Jersey City man charged in financial fraud scheme
Alleged perpetrators face prison time and $1 million in fines
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New Jersey Federal Court in Newark
A Jersey City resident was one of two men arrested Feb. 3 for their alleged roles in a scheme to defraud multiple financial institutions of millions of dollars, according to Acting U.S. Attorney Rachael Honig.
Muhammad Naveed, 35, of Jersey City, and Syed Abbas, 32, of Westerville, Ohio, were arrested by federal law enforcement and charged by criminal complaint with conspiracy to commit bank fraud.
The arrests mark the most recent charges filed in connection with the wide-ranging conspiracy to defraud the federally insured banks and merchant processors of millions of dollars as seven others were charged in connection with the scheme in July. ....

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