Indian-American green card holder accused of $100 million banking fraud scheme in US

Federal authorities have charged an Indian-American green card holder with orchestrating a $100 million banking fraud scheme. The accused allegedly used fraudulent documents and shell companies to secure loans from multiple banks across the United States.

According to court documents, the individual submitted falsified financial statements and fabricated business records to obtain credit. The scheme involved at least 10 financial institutions and spanned several years, with the accused diverting funds for personal use and to sustain the fraud.

The charges include bank fraud, money laundering, and conspiracy. If convicted, the defendant faces up to 30 years in prison for each bank fraud count. The case is being investigated by the FBI and the Department of Homeland Security.

The accused is currently in custody pending a detention hearing. The court has ordered the seizure of assets linked to the alleged fraud, including properties and bank accounts. The investigation remains ongoing as authorities seek to identify any additional co-conspirators.