A Manhattan jury found Mahabubuz Zaman, a/k/a ‘Mahabub Zaman,’ a/k/a ‘Faisal Ahmed,’ guilty yesterday of participating in an elaborate bank fraud scheme that yielded millions of dollars in ill-gotten gains.
The scheme victimized approximately 15 different banks, resulting in millions of dollars in losses to the banks.
According to the Superseding Indictment filed October 7, 2014, other court documents, and the evidence presented at trial, from approximately 2008 through November 2012, Zaman and his co-conspirators engaged in a bank fraud scheme in which they created hundreds of counterfeit checks, deposited those counterfeit checks into bank accounts they had opened in the names of sham companies in order to fraudulently inflate the balances in those accounts, and then withdrew funds from those bank accounts before the financial institutions were able to determine the fraudulent nature of the checks.
In addition to the check fraud, the defendant and his co-conspirators also obtained fraudulent mortgages and ran up credit card debt using false identities.
Zaman was one of the leaders of the scheme. Among other things, he recruited accountholders, directed both accountholders and higher-ranking members, and obtained copies of legitimate checks to create counterfeit checks made payable to the sham companies they had incorporated as part of the scheme.
Manhattan U.S. Attorney Preet Bharara said: “With the jury’s swift verdict, a 16th defendant, Mahabubuz Zaman, now stands convicted for his role in this multimillion-dollar bank fraud scheme. And we’re all the more close to bringing this case to a just and fitting conclusion, where each and every perpetrator of this fraud is made to answer for his or her crimes.”
Zaman was found guilty of conspiracy to commit bank fraud, conspiracy to commit identification document fraud, and use of a false passport.
Defendant: Mahabubuz Zaman
Criminal Charges: Conspiracy to commit bank fraud, conspiracy to commit identification document fraud, use of a false passport
City and State: New York
Date: 2014-10-07 (Superseding Indictment filed)
Sentence or Outcome: Guilty verdict
Dollar Amounts: Millions of dollars in losses to the banks
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Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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