A Murphy man has pleaded not-guilty to federal fraud charges connected to a loan from the government's Paycheck Protection Program.
Fahad Shah, 44, was in federal court yesterday to answer charges that he lied about having a business to get more than $1.6 Million from the PPP.
Shah allegedly claimed to have more than 120 employees at his wedding planning business, WBF Weddings by Farah Inc., earning wages when, in fact, he had no employees working for him.
Prosecutors claim Shah used to the money to pay off the mortgage on his Murphy home, to buy a Tesla and to add more than $500,000 to his stock trading account.
Shah was charged with three counts of wire fraud, one count of false statements to a bank and four counts of money laundering.
The CARES Act is a federal law enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic.