Pushpesh Kumar Baid, Wire Fraud, New York 2023

In a brazen scheme, Pushpesh Kumar Baid, also known as “PK Jain,” pleaded guilty to conspiracy to commit wire fraud in a federal court in Brooklyn.

Baid, 44, of Miami, Florida, is accused of defrauding investors in Tradepay Capital LLC (Tradepay), a purported factoring company. The proceeding was held before United States Magistrate Judge Lois Bloom.

The scheme, which took place between April 2017 and October 2019, involved Baid and his co-conspirators making it appear that Tradepay was a legitimate and successful business when it was, in fact, an elaborate scam. Investors were deceived into contributing tens of millions of dollars into a business that did not exist.

Baid faces a maximum sentence of 20 years’ imprisonment, as well as restitution of over $35 million and forfeiture of over $2.6 million.

“Through a complex web of shell companies, straw bank accounts, fraudulent documents, and other lies, Baid and his co-conspirators deceived their victims into investing tens of millions of dollars into a business that did not exist,” stated United States Attorney John J. Durham.

Baid also admitted to defrauding investors in Luxestreet Inc., formerly known as Asset Capital Partners LLC (Luxestreet), and agreed to pay restitution to Luxestreet’s investors.

The government’s case is being handled by the Office’s Business and Securities Fraud Section. Assistant United States Attorneys Dylan A. Stern, Benjamin Weintraub, and Molly Delaney are in charge of the prosecution, with assistance from Paralegal Specialist Sarah Burn.

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