An Indian-origin engineer in the US has been charged with fraudulently seeking more than USD 10 million in loans under a coronavirus relief programme set up to help small businesses.
Shashank Rai, 30, allegedly sought millions of dollars in forgivable loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act from two different banks by claiming to have 250 employees earning wages when, in fact, no employee worked for his alleged business.
Rai, who lives in Texas, is charged with violations of wire fraud, bank fraud, false statements to a financial institution, and false statements to the SBA. "As alleged, Rai fraudulently pursued millions of dollars in loans intended