Man Charged in $8.8M Cares Act Fraud
Abhishek Krishnan, an Indian citizen, allegedly submitted at least 17 fraudulent PPP loan applications to multiple banks on behalf of fake companies and including falsified tax documents and fake employees.
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An Indian citizen has been charged for his role in an $8 million scheme defrauding the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief and Economic Security (CARES) Act, according to a Department of Justice release Wednesday. Abhishek Krishnan allegedly submitted at least 17 fraudulent PPP loan applications to multiple banks on behalf of fake companies and including falsified tax documents and fake employees.
He received at least $3.3 million in loan proceeds during the scheme. Krishnan has been charged with two counts of wire fraud, two counts of money laundering, and two counts of aggravated identity theft, and his top charges come with a maximum penalty of 20 years in prison each
