A California man faces federal charges for allegedly defrauding a bank of nearly $100 million.
US Department of Justice He says Mahinder Makhijani, 44, of Corona del Mar, organized a scheme involving manipulated ownership policies and shell companies.
Prosecutors allege he falsified title insurance records, hid true franchise locations and used a network of shell companies to make collateral pledged to a federally insured bank appear more valuable than they were.
He was arrested on a federal criminal complaint accusing him of bank fraud.
The complaint, filed in U.S. District Court in Santa Ana, describes how Makhijani misled the bank regarding the value of the assets securing the loans.
Acting Special Agent in Charge Darren Lien of the IRS Los Angeles Field Office for Criminal Investigation says,
“Our special agents followed the funds through multiple transfers and disguised accounts, uncovering a scheme designed to deceive at every turn.
When individuals tamper with documents and abuse financial systems for personal gain, IRS CI will uncover the truth and ensure they are held accountable.
If convicted, bank fraud carries a maximum penalty of 30 years in prison.
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