Three Indian-Americans charged with $2.5 mn fraud

Three Indian-Americans have been charged by US authorities with a USD 2.5-million bank fraud and money laundering, both of which collectively attracts a total maximum sentence of 50 years in prison.

PTI| Updated: Aug 07, 2015, 19:43 PM IST

New York: Three Indian-Americans have been charged by US authorities with a USD 2.5-million bank fraud and money laundering, both of which collectively attracts a total maximum sentence of 50 years in prison.

Binder Tal (33), Baldev Tal (32) and Shariful Mintu (36), have each been charged with one count of conspiring to commit bank fraud and one count of conspiring to commit money laundering, a statement by Department of Justice (DoJ) said.

Binder, Baldev, and Mintu fraudulently obtained loans and lines of credit from banks, credit unions, and other lending institutions by providing materially false information to the lenders about the borrowers' assets, it said.

"Through disguise and deceit, these defendants created an elaborate scheme to defraud financial institutions. The use of the US Mail to facilitate any fraud scheme will never be tolerated by members of America's oldest law enforcement agency," said Inspector in Charge Philip R Bartlett.

Baldev Tal was arrested in Orefield, Pennsylvania while Mintu was arrested in Orange County, New York. Binder Tal remains at large.

Through their scheme, the defendants and their co-conspirators fraudulently obtained over USD 2.5 million in proceeds, the DoJ said.

The trio each face a maximum sentence of 30 years in prison on the charge of conspiring to commit bank fraud and a maximum sentence of 20 years in prison on the charge of conspiring to commit money laundering.