14 people are facing charges in a matter involving pandemic relief in a $53 million fraud scheme. Some of those individuals are executives from a Dallas metal recycling company.
The CFO, controllers, and corporate officers were apprehended last month and had been managing recycling businesses.
Indictments note that the defendants turned in at least 29 Paycheck Protection Program (PPP) loan applications that heightened payroll expenses. They also are accused of providing false business income through fake bank statements. They then had PPP loan funds go through various bank accounts to make a fake paper trail of payroll expenses, officials say.
Among those who are facing charges are Mihir Patel of Coppell, chief financial officer of Dallas-based Sunshine Recycling and owner of Mammoth Group, R.A. Industries and L.K. Industries; Kinjal Patel of Wylie, controller at Sunshine Recycling; and Bhavesh Patel of Keller, chief business development officer of Sunshine Recycling and owner of Level Eight, along with others.
The Department of Justice has said that at least two defendants provided fake applications to banks in connection to their supposed recycling businesses to receive millions of dollars in business loan funds.
If they are found guilty, the defendants could spend up to 30 years in federal prison. This would be for conspiracy to commit bank fraud, bank fraud and aiding and abetting, and bank fraud and making a false statement to the Federal Deposit Insurance Corporation.
Also, they could get another 20 years for wire fraud and 10 years for conspiracy to commit money laundering.
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