A Texas man has been indicted for fraudulently using coronavirus relief loans on lavish goods and homes.
Dinesh Sah, 55, allegedly spent $17 million in Paycheck Protection Program loans on personal expenses, including several houses, a 2020 Bentley convertible and other luxury vehicles, according to CBS DFW.
Sah was indicted on three counts of wire fraud, three counts of bank fraud and one count of money laundering, the outlet noted.
“Mr. Sah exploited this terrible pandemic for personal gain – and he should be held accountable to the American people for that behavior,” U.S. Attorney Erin Nealy Cox said in a press release.. “COVID-19 has devastated the finances of hardworking business owners across the nation. PPP funds should be reserved for those who really need them to keep their companies afloat.”
Sah allegedly submitted 15 fraudulent loan applications to eight different lenders seeking approximately $24.8 million.
According to the indictment, Sah claimed to own several businesses with numerous employees and hundreds of thousands of dollars in payroll expenses. In actuality, Sah created the businesses after the enactment of the CARES Act, the Justice Department said.
He ultimately received $17.7 million in PPP loans, which he used on extravagant personal purchases.
“Today’s indictment shows Mr. Sah’s disgraceful display of greed. Mr. Sah looked at the Paycheck Protection Program as his own personal piggy bank, treating himself to not only millions in cash, but several luxury vehicles and properties, all while legitimate small business owners in the United States desperately sought out ways to put food on their tables and to ensure their employees were paid,” said IRS-CI’s Special Agent in Charge of the Dallas Field Office, Tamera Cantu.
The government has so far seized more than $6.5 million in proceeds from Sah’s fraudulent loans.