A Texas man was arrested Tuesday on prices of defrauding the coronavirus aid fund for $three million.
Fahad Shah, 44, of Murphy, Texas, is dealing with three counts of wire fraud, one depend of creating false statements to a bank and 4 counts of cash laundering, prosecutors stated in a press launch.
A federal indictment accuses Shah of fraudulently making use of for $three million in forgivable Paycheck Safety Program (PPP) loans.
The indictment says Shah submitted faux purposes in PPP loans to 2 completely different Small Enterprise Administration (SBA) lenders. Within the utility, Shah allegedly claimed to have greater than 120 staff at his marriage ceremony planning enterprise incomes wages when, in reality, he had zero staff working for him.
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The indictment alleges Shah received greater than $1.5 million that he used to purchase a Tesla and make private investments and residential mortgage funds.
Shah appeared earlier than U.S. Justice of the Peace Choose Christine A. Nowak of the Jap District of Texas.
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It was not instantly clear if Shah was stored in custody or launched. A phone quantity listed to him has been disconnected and he couldn’t be reached for remark.
The Related Press contributed to this report.