El Paso Seven Hit With Bank Fraud Charges

EL PASO, TX – Seven individuals are facing federal charges after a grand jury indictment revealed a brazen scheme to defraud multiple banks and credit unions across the nation. The alleged operation netted at least $237,000 through falsified loan applications, according to a statement released today by U.S. Attorney Richard L. Durbin, Jr. and FBI Special Agent in Charge Douglas E. Lindquist.

The 16-count indictment names 38-year-old Michael Nedal Annabi of Santa Teresa, NM; his wife, 33-year-old Perla Maldonado Annabi; 33-year-old Basem Elgelda of Petaluma, CA; 25-year-old Terrance Yelder of El Paso; 29-year-old Miguel Munoz of Santa Teresa, NM; 23-year-old Jenzel Nash of El Paso; and 20-year-old Daniel Munoz of Santa Teresa, NM. All seven are charged with one count of conspiracy to commit bank fraud.

The indictment details a calculated effort spanning from July 31, 2013, to March 22, 2016. Authorities allege the defendants targeted 21 financial institutions, submitting applications riddled with fabricated personal and income information. Michael Annabi and Basem Elgelda face four additional substantive counts of false statement on loan or credit application. Terrance Yelder and Jenzel Nash are each facing two such counts, while Perla Annabi, Miguel Munoz and Daniel Munoz each face one.

Investigators with the Federal Bureau of Investigation, assisted by the El Paso Police Department, painstakingly pieced together the evidence. The scheme involved securing loans and lines of credit based on deliberately misleading information provided to the financial institutions. The scale of the fraud suggests a coordinated and sustained effort to exploit the system, leaving banks and credit unions to absorb the losses.

If convicted on any of the charges, each defendant could face a hefty penalty: up to 30 years in federal prison. The indictment represents a significant escalation in the government’s crackdown on financial crimes in the El Paso region. Assistant United States Attorneys Rifian S. Newaz and Debra Kanof are leading the prosecution, determined to hold these individuals accountable for their alleged actions.

The Grimy Times will continue to follow this case as it moves through the federal court system. This indictment serves as a stark reminder that financial fraud, no matter how carefully concealed, will be met with the full force of the law. The investigation remains ongoing, and further details may emerge as the legal proceedings unfold.

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