An American attorney said an Indian-American president of a New Jersey-based marble and granite wholesaler has acknowledged his role in planning to defraud a bank in connection with a $ 17 million line of safeguards.
Rajendra Kankaria, 61, US District Judge Susan D. Videoconferenced Vigenton and carried out wire fraud affecting a financial institution.
He faces a maximum of 30 years in prison and a fine of US $ 1 million. Kankaria is scheduled to be sentenced on 18 January.
According to court documents, from March 2016 to March 2018, Kankaria, president and part owner of Lotus Exim International Inc., conspired to obtain a USD17 million line of credit from the bank by defrauding other LEI employees.
The bank extended the line of credit assuming that it had been secured by receivables by LEI’s accounts. In actuality, Kankaria and his conspirators fabricated or fabricated several accounts, ultimately leading to LEI default on the line of credit, the prosecution alleged.
To conceal the lack of sufficient collateral, LEI staff, with the knowledge and approval of Kankariya, created fake email addresses on behalf of LEI’s customers to create currency in their form and respond to the bank’s and auditor’s inquiries outside Can. Accounts Receivable
The scheme involved a number of fraudulent accounts, the dues of which were either inflated or completely fabricated.
US Attorney Craig Carpenito said in a statement that the plan caused bank losses of approximately US $ 17 million.
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