Indian-origin man in US gets 4-year jail term for nearly USD 4.7 million fraud scheme
An Indian-origin man has been sentenced to four years in prison for defrauding an American multinational credit card company of approximately USD 4.7 million and for laundering the proceeds of his fraud.
According to court documents and evidence presented at trial, between November 2017 and December 2019, Singh used four business entities that he created and controlled and 10 American Express credit cards in those entities’ names to purchase thousands of Apple iPhones.
He then sold the iPhones to overseas purchasers for millions of dollars. As part of his scheme, Singh falsely told American Express that he was unable to repay approximately USD 4.7 million in charges incurred from the purchase of the iPhones, and created fake payment invoices in order to secure additional credit from the company.
Singh then used the proceeds of the scheme to pay for personal expenses and to buy luxury items, including a USD 1.3 million home and a luxury vehicle.
He was ordered to pay over USD 4.6 million in restitution and was ordered to forfeit over USD 3 million.
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