5 NRIs charged in bank fraud case in US

rgh0sd50Five NRIs are among seven  charged with conspiring to commit bank fraud in the US through a scheme that resulted in losses of over $3 million to the victims who were the lenders.

Jyoteshna Karan, 43, Praveen Singh, 36, and Mahendra Prasad, 53, have been arrested while Phul Singh, 79, Sunita Singh, 60, Nani Isaac, 69, and Martin Mahrami, 42, were sent summons to appear for arraignment.

If convicted each defendant faces a maximum statutory penalty of 30 years in prison and a fine of $1 million per count.

According to court documents, the defendants conspired to defraud mortgage lending companies and financial institutions by making false statements on loan applications and short-sale applications in order to obtain properties under their names.  The conspiracy encompassed some 25 properties from Sacramento to Modesto in California and as a result of the scheme, lenders lost in excess of $3 million.