Mukund Mohan, Wire Fraud and Money Laundering, Washington 2020
A tech executive pleaded guilty to a scheme that obtained over $5.5 million in Paycheck Protection Program (PPP) loans and laundered the proceeds.
Mukund Mohan, 48, of Clyde Hill, Washington, submitted at least eight fraudulent PPP loan applications on behalf of six different companies to federally insured financial institutions.
According to the plea agreement and other records filed in the case, Mohan made numerous false and misleading statements about the companies' respective business operations and payroll expenses.
In support of the fraudulent loan applications, Mohan submitted fake and altered documents, including fake federal tax filings and altered incorporation documents.
Quick action by federal law enforcement resulted in the seizure of nearly all of the federal loan funds from Mohan's accounts.
Mohan is scheduled to be sentenced on July 20, 2024, and faces a maximum penalty of 20 years in prison.
A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a federal law enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic.
One source of relief provided by the CARES Act was the authorization of up to $349 billion in forgivable loans to small businesses for job retention and certain other expenses through the PPP.
Key Facts
- State: Washington
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →