A North Texas man has been indicted for money laundering and fraud after federal authorities say they uncovered a plot to use fake companies to defraud the Paycheck Protection Program (PPP) of $24 million.
Federal prosecutors announced last week that 55-year-old Dinesh Sah of Coppell has been charged in the U.S. District Court for the Northern District of Texas.
“Sah ultimately received approximately $17.7 million in PPP loan funds and allegedly used the proceeds primarily for personal expenses, spending them on multiple homes and luxury cars, including a 2020 Bentley convertible, and sending millions of dollars in international transfers, the indictment alleges,” the press release stated.
A special agent with the Federal Deposit Insurance Corporation (FDIC) Inspector General said in a criminal complaint affidavit that Sah used part of the proceeds from his fraud to send cash to India.
Special Agent in Charge Tamera Cantu of IRS Criminal Investigation’s Dallas Field Office characterized Sah’s actions as a “disgraceful display of greed.”
“Mr. Sah looked at the Paycheck Protection Program as his own personal piggy bank, treating himself to not only millions in cash, but several luxury vehicles and properties, all while legitimate small business owners in the United States desperately sought out ways to put food on their tables and to ensure their employees were paid,” Cantu said.
Authorities say they have so far only been able to recover $6.5 million of the stolen funds.
The federal case against Sah is one more in a series of cases in Texas against those accused of abusing relief programs for small businesses.
Disclosure: Unlike almost every other media outlet, The Texan is not beholden to any special interests, does not apply for any type of state or federal funding, and relies exclusively on its readers for financial support. If you’d like to become one of the people we’re financially accountable to, click here to subscribe.
Hayden Sparks is a reporter for The Texan in Dallas. During the academic year, he coaches high school competitive speech and debate and has also been involved in community theater and politics. A native Texan, Hayden served as a delegate at the Republican Party of Texas Convention in 2016. He is on track to receive a bachelor’s degree in psychology from Liberty University. In his free time, Hayden is known to take walks around the neighborhood while listening to random music on Spotify.