Out of these seven one’s,three were arrested and the rest were summoned to appear to court for their fraud.The three who were arrested belong to California and their names include Jyoteshna Karan, Praveen Singh and Mahendra Prasad.The rest four includes Phul Singh, Sunita Singh, Nani Isaac and Martin Bahrami.
Five Indians Caught Doing Fraud In U.S Bank
“Seven Indian born people were caught doing fraud in U.S bank through some scheme which results in loss of over 3 million$ of the victims”
These four could get punished for the 30 years in jail or can be charged 1 million $ per head involving in this fraud.
FEDERAL GRAND JURY:
A federal grand jury returned a 15-count indictment this week against the seven individuals, charging them with conspiracy to commit mail fraud and bank fraud and aiding and abetting, and making false statements to a bank in a mortgage fraud scheme, United States attorney Benjamin Wagner said.
ABOUT THIS FRAUD SCHEME:
According to their scheme,they in order to fraud financial institutions wrote false statements over the loan application form and short-sale applications inorder to cheat them.They were making loads of money from the market from the last few months.
After obtaining the sign of the manager or the owner,they seal their properties and transforms it into their’s.They encompassed at least 25 properties from Sacramento to Modesto in California and earned more than 3 millions $.
Words of Leslie DeMarco:
“The short sale process is intended to assist legitimately distressed homeowners,” Special Agent in Charge, federal housing finance agency office of inspector general, Leslie DeMarco said.
“Our investigation disclosed that Karan and others allegedly manipulated the process for their personal gain,” DeMarco added.
SHAME FOR INDIA:
India is somehow known for its traditions and faith,this action or fraud in turn will put down the dignity and pride of India and also the people leaving in INDIA.
This might affect the business between india and other country as businessman from other country would affraid setting their business with indians.
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