Virender Sharma, the 59-year-old owner and president of T.M. Perfumes in Laredo, Texas, has been indicted on 44 counts of causing his business to fail to report cash transactions exceeding $10,000, totaling over $1.6 million. The alleged violations took place between June 2009 and July 2010, despite Sharma being aware of his filing obligations since 2006.
Assistant Attorney General Leslie R. Caldwell and U.S. Attorney Kenneth Magidson made the announcement, stating that Sharma’s actions were a flagrant disregard for the law. ‘The indictment alleges that Sharma caused the business to fail to report at least 44 cash transactions exceeding $10,000 between June 2009 and July 2010, which totaled more than $1.6 million,’ said Caldwell.
Sharma’s indictment comes after a joint investigation by the Internal Revenue Service – Criminal Investigation and the Drug Enforcement Administration. The case is being prosecuted by Trial Attorney Keith Liddle of the Criminal Division’s Asset Forfeiture and Money Laundering Section and Assistant U.S. Attorney Ted Imperato of the Southern District of Texas.
The charges contained in the indictment are merely accusations, and Sharma is presumed innocent unless and until proven guilty. If convicted, Sharma could face severe consequences, including significant fines and imprisonment.
The indictment highlights the importance of complying with cash reporting requirements, which are in place to prevent the laundering of illicit funds and to ensure the integrity of the financial system.
The case serves as a reminder that the authorities will not hesitate to take action against those who engage in such activities, and that the consequences of getting caught can be severe.
Related Federal Cases
- Port Arthur Mogul Pleads Guilty to Disaster Loan Fraud · Texas
- Cocaine Cash & Highway Stops: WI Man Busted in TX · Wisconsin
- Dallas Man Admits to Laundering Drug Cash · Texas
- Wall Street Bailout: NY & CA Lose $2 Trillion · North Carolina
- Oklahoma Pipeline Fined $3.3M for Massive Jet Fuel Spill in Texas! · Alabama
Key Facts
- State: Texas
- Category: Drug Trafficking|Fraud & Financial Crimes|Violent Crime|Sex Crimes|Cybercrime|Public Corruption|Weapons|Human Trafficking|White Collar Crime|Organized Crime
- Source: DOJ Press Release ↗
🔒 Get the grimiest stories delivered weekly. Subscribe free →
Browse More
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News