Nevada man arrested, indicted in bank fraud scheme worth $4.5 million | #phishing | #scams

LAS VEGAS (KLAS) — A Nevada man was arrested Monday in Reno on charges related to a $4.5 million bank fraud scheme.

Sukhdev Singh Sidhu, 36, who lives in the Glenbrook community on the Nevada shore of Lake Tahoe, has been indicted on three counts of bank fraud and two counts of aggravated identity theft, according to the U.S. Attorney’s Office for the District of Nevada.

According to allegations in the indictment, in April and May 2019, Sidhu used more than 26 bank accounts at over 11 financial institutions to carry out the scheme.

Sidhu falsely claimed that he did not authorize withdrawals from his bank accounts. But in fact, Sidhu knew the withdrawals were being deposited in “pass-through” accounts that were held in his father’s name, and the monies were then transferred to a receiving account that Sidhu controlled at a different bank.

As a result of the false claims, Sidhu obtained at least $4.5 million through the transactions. Further, Sidhu fraudulently used his father’s identity — specifically, a driver’s license belonging to his father and a check drawn for an account in his father’s name — to execute the scheme.

Sidhu made his initial court appearance Monday before U.S. Magistrate Judge Carla Baldwin. A jury trial is scheduled for Feb. 14 before U.S. District Judge Robert C. Jones.

If convicted, Sidhu faces a statutory maximum penalty of 30 years in prison for bank fraud and a mandatory minimum penalty of two years in prison for aggravated identity theft.

Acting U.S. Attorney Christopher Chiou for the District of Nevada and Special Agent in Charge Aaron C. Rouse for the FBI made the announcement.

This case was investigated by the FBI. Assistant U.S. Attorneys Steven Myhre and Richard Casper are prosecuting the case.

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