Texas man charged in $24 Million Paycheck Protection Program Fraud
News Channel 6 Texas
A Coppell man who spent more than $17 million in Paycheck Protection Program (PPP) loans on lavish personal expenses has been charged with filing fraudulent loan applications, announced Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division and U.S. Attorney for the Northern District of Texas Erin Nealy Cox.
A federal grand jury indicted Dinesh Sah, 55, on three counts of wire fraud, three counts of bank fraud and one count of money laundering.
“Mr. Sah exploited this terrible pandemic for personal gain – and he should be held accountable to the American people for that behavior,” said U.S. Attorney Erin Nealy Cox. "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. We are committed to ensuring that anyone that take advantage of the system will be brought to justice. "