Close X
Saturday, November 23, 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

    US Bans Laptops, Ipads, Cameras In Flights From Some Muslim Countries

    US Bans Laptops, Ipads, Cameras In Flights From Some Muslim Countries
    The US government is barring passengers on Royal Jordanian Airlines flights from bringing laptops, iPads, cameras and other electronics in carry-on luggage on certain US-bound flights starting Tuesday, the airline has said in a tweet.

    US Bans Laptops, Ipads, Cameras In Flights From Some Muslim Countries

    Indian-Origin Man Accused Of Murdering 1-Year-Old Boy Arrested In London

    Indian-Origin Man Accused Of Murdering 1-Year-Old Boy Arrested In London
    An Indian-origin suspect has been arrested by Scotland Yard in connection with the brutal murder of a one-year-old boy and attempted murder of his twin sister in north east London. 

    Indian-Origin Man Accused Of Murdering 1-Year-Old Boy Arrested In London

    Kansas Shooting: Ian Grillot, American Man Who Tried To Save Indians To Be Honoured

    Kansas Shooting: Ian Grillot, American Man Who Tried To Save Indians To Be Honoured
    Ian Grillot was injured when he tried to intervene in the shooting by a Navy veteran targetting Indians at a bar in Olathe, Kansas last month.

    Kansas Shooting: Ian Grillot, American Man Who Tried To Save Indians To Be Honoured

    UK Man Got Electrocuted In Bath While Charging iPhone, Reveals Probe

    UK Man Got Electrocuted In Bath While Charging iPhone, Reveals Probe
      Richard Bull, who was charging the phone which was resting on his chest, suffered severe burns when his phone accidentally fell in water in his home in Ealing, west London, The Sun reported.

    UK Man Got Electrocuted In Bath While Charging iPhone, Reveals Probe

    Indian Can't Conduct Mass: Man Tells Kerala Priest in Melbourne Before Stabbing Him In The Neck

    Indian Can't Conduct Mass: Man Tells Kerala Priest in Melbourne Before Stabbing Him In The Neck
    A Catholic priest from Kerala was attacked by an Italian on Sunday when the former was leading the Sunday mass in a Melbourne church.

    Indian Can't Conduct Mass: Man Tells Kerala Priest in Melbourne Before Stabbing Him In The Neck

    NRI Businessmen Hindujas Are Wealthiest Asians In UK

    NRI Businessmen Hindujas Are Wealthiest Asians In UK
    NRI businessmen Hindujas have retained their position as the richest Asians in the UK in 2017 with an estimated wealth of 19 billion pounds, an increase of 2.5 billion pounds over last year, according to an annual ranking of the richest Asians in Britain.

    NRI Businessmen Hindujas Are Wealthiest Asians In UK