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Indian Among 6 Charged In $30 Million Bank Fraud
NEW YORK: An Indian-origin man is among six persons charged with carrying out a $30 million bank fraud conspiracy and faces up to 30 years in prison if convicted.
Manjeet Bawa, 46, of New York and other co-defendants contracted to buy homes in Nassau and Suffolk counties from innocent sellers at market prices.
The defendants then submitted fraudulent loan applications to the warehouse lenders that nearly doubled the true sales prices of the homes.
The defendants also inflated their personal assets and concealed significant liabilities to get loan approval.
The six defendants face up to 30 years' imprisonment and could be ordered to forfeit 19 residential properties traced to the bank fraud or up to $30 million dollars in a money judgment.
According to the indictment and other court filings, between 2003 and 2008, the main defendant Aaron Wider, 50, operated a New York state licensed mortgage bank HTFC, which issued residential mortgages to borrowers.
HTFC did not possess assets to fund these loans but relied on funding from other banks and financial institutions, commonly known as “warehouse lenders”.
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Source: PTI
