Fresno Business Owner Pleads Guilty to Money Laundering Charges
FRESNO, Calif. – A local business owner has been caught up in a web of deceit, pleading guilty to money laundering charges. Krishen Sauble Iyer, a 36-year-old resident of Fresno, was taken into custody after a lengthy investigation by the Drug Enforcement Administration, the IRS Criminal Investigation, and the Fresno Police Department.
Iyer, the owner of several insurance sales and brokerage businesses in Fresno, was accused of conspiring with a known marijuana trafficker, identified only as S.V., to launder the proceeds of S.V.’s illicit activities. According to court documents, Iyer and S.V. agreed to transfer the drug proceeds to one of Iyer’s businesses, Health Shield, and then pay S.V. back to make the funds appear legitimate.
The scheme was allegedly carried out over several years, with Iyer issuing two Form 1099s to S.V., claiming that Health Shield paid S.V. $111,952 in 2013 and $164,000 in 2014. However, it was discovered that S.V. never earned all of those funds from the company, and Iyer paid S.V. a commission for transferring the funds.
Iyer is scheduled to be sentenced by Judge Dale A. Drozd on April 24, 2017, at 10:00 a.m. The defendant faces a maximum statutory penalty of 20 years in prison and a $500,000 fine. The actual sentence will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines.
The case highlights the ongoing threat of money laundering and the importance of law enforcement agencies working together to combat these crimes. The Drug Enforcement Administration, the IRS Criminal Investigation, and the Fresno Police Department are to be commended for their tireless efforts in bringing Iyer to justice.
As the situation unfolds, the community can expect to see more details emerge about the extent of Iyer’s involvement in the money laundering scheme. For now, the focus remains on ensuring that justice is served and that those responsible for these crimes are held accountable.
Stay tuned for further updates on this developing story.
Key Facts
- State: California
- Category: Drug Trafficking|Fraud & Financial Crimes|Violent Crime
- Source: DOJ Press Release â†â€â€
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