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Old 06-24-2020, 07:02 PM
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Default US arrests Pakistan-born Fahad Shah for million-dollar fraud

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Texas Man Charged with COVID-Relief Fraud, False Statements and Money Laundering


Owner of Wedding Planning Company Fraudulently Sought More Than $3 Million in Small Business Administration Paycheck Protection Program Loans
A Texas man was charged in an indictment unsealed today with wire fraud, false statements to a financial institution and money laundering for his alleged participation in a scheme to file fraudulent loan applications seeking more than $3 million in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Assistant Attorney General Brian A. Benczkowski of the Justice
Fahad Shah, 44, of Murphy, Texas, was charged in an indictment filed in the Eastern District of Texas with three counts of wire fraud, one count of false statements to a bank, and four counts of money laundering. Shah was arrested this morning and appeared today before U.S. Magistrate Judge Christine A. Nowak of the Eastern District of Texas.

The indictment alleges that Shah submitted fraudulent applications for over $3 million in PPP loans to two different SBA-approved lenders filed under the name of WBF Weddings by Farah Inc. In these applications, Shah claimed to have over 120 employees earning wages when, in fact, no employees worked for his business at the time, the indictment alleges. The indictment also alleges that Shah submitted fraudulent documentation in support of his applications. Shah ultimately received over $1.5 million in PPP loan funds and used the funds primarily for personal purposes, including purchasing a Tesla, personal investments, and home mortgage payments, the indictment alleges.

A federal criminal indictment is merely an accusation. A defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
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Old 06-24-2020, 11:17 PM
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Default Re: Texas Man, Fahad Shaw, Charged with COVID-Relief Fraud, False Statements and Money Laundering

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Shah - MOST PREVALENT IN: Pakistan

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US arrests Pakistan-born Fahad Shah for million-dollar fraud
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