Close X
Thursday, November 28, 2024
ADVT 
International

2 Indian-Americans Sentenced For Credit Card Fraud

Darpan News Desk IANS, 28 Mar, 2017 12:29 PM
    Two Indian-American men were sentenced by a US court for a $200 million international credit card fraud, one of the largest-ever exposed by federal authorities, said officials.
     
    Vijay Verma and Tarsem Lal, both of Iselin, New Jersey, were sentenced to 14 months in prison and a year of house arrest, respectively, after previously pleading guilty to their roles in the scheme, according to a statement from the US Attorney for the District of New Jersey, news website NJ.com reported.
     
    US District Judge Anne E. Thompson issued the sentence in Trenton federal court on Monday.
     
    Verma and Lal, both owners of a Jersey City jewellery store, were indicted in October 2013 for fabricating more than 7,000 false identities to obtain tens of thousands of credit cards.
     
     
    The scheme involved an "elaborate network of false identities" and thousands of "drop addresses" across the country -- including houses, apartments and P.O. boxes -- which were used as mailing addresses for the false identities, according to the report.
     
    Credit reports were doctored, according to officials, to "pump up the spending and borrowing power associated with the cards". 
     
    The men borrowed or spent as much as they could without repaying the debts, causing more than $200 million in losses to businesses and financial institutions, said officials.
     
    Verma and Lal both admitted to allowing people to come into their store to use credit cards they knew did not legitimately belong to them. 
     
    The two men would then split the proceeds of the phony transactions with these other conspirators, said the report.
     
    Along with the jail terms, Verma was sentenced to three years of supervision upon release.
     
    Lal was also sentenced to three years of probation. They were both fined $5,000 and were ordered to pay a forfeiture of nearly $500,000.

    MORE International ARTICLES

    Indian-American Congresswoman Pramila Jayapal Vows To Fight Trump's Immigration Ban

    Indian-American Congresswoman Pramila Jayapal Vows To Fight Trump's Immigration Ban
    "President Trump's barbaric executive orders have thrown our nation's ports into turmoil and struck fear into the hearts of Muslims across the country," Ms Jayapal said.

    Indian-American Congresswoman Pramila Jayapal Vows To Fight Trump's Immigration Ban

    Police Suspect Richmond, B.C., Man's Death Targeted Homicide

    RICHMOND, B.C. — RCMP say they're investigating the death of a man who was taken to a Richmond, B.C., hospital Friday night.

    Police Suspect Richmond, B.C., Man's Death Targeted Homicide

    Indian-Origin Magician Charged With Fraud In Singapore

    Indian-Origin Magician Charged With Fraud In Singapore
    S. Chandran, 35, owner of Paradize Consultancy, was charged on Friday and faced 58 charges under the Income Tax Act, the Strait Times reported. 

    Indian-Origin Magician Charged With Fraud In Singapore

    Republican Hindu Coalition Backs Donald Trump's Immigration Order

    Republican Hindu Coalition Backs Donald Trump's Immigration Order
    The Republican Hindu Coalition (RHC), a vocal supporter of Donald Trump during his election campaign, announced its backing for the Presidents executive order on immigration.

    Republican Hindu Coalition Backs Donald Trump's Immigration Order

    Trump's 'Buy American', Modi's 'Make In India' Can Together Boost Each Other

    Trump's 'Buy American', Modi's 'Make In India' Can Together Boost Each Other
    A harder line by Trump to stem the huge trade surplus with China and correct Beijing's unequal terms of trade will provide India with an opportunity to fill the void by exporting more manufactured goods, Kumar told IANS.

    Trump's 'Buy American', Modi's 'Make In India' Can Together Boost Each Other

    Indian Man Held In US Over Bomb Threat, Sushma Swaraj Seeks Report

    Indian Man Held In US Over Bomb Threat, Sushma Swaraj Seeks Report
    Amid enhanced security measures and immigration restrictions placed by the Trump administration, a Baroda-based businessman has been taken into custody at an airport in the State of North Dakota.

    Indian Man Held In US Over Bomb Threat, Sushma Swaraj Seeks Report