A Coppell man allegedly used part of the $17.7 million he obtained through the Paycheck Protection Program on personal expenses like multiple homes and luxury cars, investigators announced Friday.
Dinesh Sah, 55, was indicted by a federal grand jury with three counts of wire fraud, three counts of bank fraud and one count of money laundering, according to Brian Rabbitt, acting assistant attorney general for the U.S. Department of Justice’s Criminal Division, and Erin Nealy Cox, U.S. attorney for the Northern District of Texas.
“Mr. Sah exploited this terrible pandemic for personal gain — and he should be held accountable to the American people for that behavior,” Nealy Cox said in a prepared statement.
Sah allegedly submitted 15 fraudulent PPP applications to eight different lenders seeking nearly $25 million in PPP loans, according to an indictment. Sah allegedly claimed these businesses had hundreds of thousands of dollars in payroll supporting many employees.
In actuality, the indictment said, Sah allegedly created many of the businesses after the PPP initiative was launched by the federal government. Sah allegedly included falsified federal tax filings and forged bank statements in the applications.
Sah received $17.7 million which he used primarily on personal expenses like a 2020 Bentley convertible and sent millions of dollars in international transfers, the indictment alleges. Investigators said they have so recovered more than $6.5 million that Sah obtained.
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