'Congress passed the Paycheck Protection Program to help struggling businesses stay afloat, not to fund faux entrepreneurs' luxury lifestyles,' acting U.S. Attorney Prerak Shah said on Wednesday.
A Texas man was sentenced to more than 11 years in prison on Wednesday after making a series of false claims in an attempt to fraudulently obtain $24.8 million in Paycheck Protection Program loans.
U.S. District Judge Karen Gren Scholer handed 55-year-old Dinesh Sah the sentence and an order to pay $17,284,649.79 in restitution on Wednesday, just over four months after he pleaded guilty to money laundering and wire fraud charges, according to the . PPP loans were introduced as part of the Coronavirus Aid, Relief and Economic Security Act during the first wave of the COVID-19 pandemic and, unlike most other loans, can be fully forgiven under certain conditions.passed the Paycheck Protection Program to help struggling businesses stay afloat, not to fund faux entrepreneurs' luxury lifestyles," acting U.S. Attorney Prerak Shah said in a statement."Even as COVID-19 devastated companies around the nation, Mr.
"This sentencing serves as a deterrent to all who would attempt to commit fraud against any of the COVID-19 relief programs," added Christopher J. Altemus Jr., Special Agent in Charge of the IRS—Criminal Investigation Dallas Field Office."These programs are here to help during a pandemic, not for fraudsters like Sah to take advantage of for their own personal gain."
Dinesh Sah, 55, was sentenced to more than 11 years in prison on Wednesday for attempting to fraudulently obtain over $24 million in Paycheck Protection Program loans. An application for PPP loan forgiveness is pictured in this undated file photo.Court documents indicate that Sah attempted to secure the loans by submitting 15 different fraudulent PPP loan applications.
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