Brooklyn, NY – In a shocking turn of events, Pushpesh Kumar Baid, also known as “PK Jain,” has been indicted for his alleged role in a $30 million factoring fraud scheme. The former Business Head of an international factoring company is accused of conspiring to defraud investors through a series of material misrepresentations, causing losses in excess of $30 million.
According to the indictment, Baid and his co-conspirators misled investors about the nature, operation, and investment strategy of the factoring company, which was supposed to buy invoices from third-party sellers. The scheme was uncovered in 2019 when an investment firm stopped receiving payments on factored invoices, resulting in $30 million in losses.
The indictment charges Baid with wire fraud conspiracy and aggravated identity theft. If convicted, he faces significant prison time and fines. Baid will be arraigned on the indictment at a later date.
Acting United States Attorney for the Eastern District of New York, Jacquelyn M. Kasulis, stated, “As alleged, Baid and his co-conspirators actively misled investors about the nature, operation, and investment strategy of an international factoring company, which caused more than $30 million in losses.”
FBI Assistant Director-in-Charge, William F. Sweeney, Jr., added, “When the scheme ultimately failed, the investment firm faced losses in excess of $30 million. As today’s action should demonstrate, we are committed to bringing to justice those whose greed leads them to commit criminal financial fraud.”
The IRS-CI Special Agent-in-Charge, Thomas Fattorusso, stated, “Regardless of how sophisticated the scheme or what it is called, simply put, Baid stole millions of dollars from his clients who put their trust in him.”
The case is being handled by the Office’s Business and Securities Fraud Section. Assistant United States Attorneys David Gopstein and Alixandra Smith are in charge of the prosecution.
PUSHPESH KUMAR BAID (also known as “PK Jain”) Age: 40 Miami, Florida E.D.N.Y. Docket No. 21-CR-367 (MKB)
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Key Facts
- State: New York
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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