Latest news with #PaycheckProtectionProgram
Yahoo
a day ago
- Business
- Yahoo
Investigator says the 'most prolific' fraudsters he's ever seen are a pair of Texas singers
The behind-the-scenes reality wasn't nearly as glamorous as the show they put on. Sidhartha 'Sammy' Mukherjee and his wife Sunita built their reputation as Bollywood-style performers. Beloved in the community, the couple were more than just entertainers — they were stars. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it But now, investigators say they played a much darker role, one rooted not in music but in manipulation. Authorities believe more than 100 investors may have handed over money to Mukherjee for real estate deals that never existed. When dividend cheques started to bounce, suspicions grew. "They will make you believe that they are very successful businesspeople," Terry Parvaga, an alleged fraud victim, told CBS News. "But they will take every single penny you have." At first, police dismissed the complaints as civil disputes. Then a couple came forward, claiming they lost $325,000 in an investment scheme. That's when Detective Brian Brennan of the Euless Police Department took a closer look. "As I got into the case and dug into it, we realized that this was a lot larger than what initially was reported," Brennan said. Here's how it all unraveled. Paper trails and red flags At first glance, the pitch looked legit: remodeling contracts and invoices bearing the Dallas Housing Authority's name. But when Brennan called the agency to verify the deal, the illusion crumbled; there was no such project. "All fake," Brennan said. "The level of counterfeit documents … it had to be a full-time job for him to do that." A new report from IPX1031 found that nearly 30% of Americans have been scammed in 2024, and this case fits right into that growing trend. As the scheme ballooned, Brennan called in the FBI. Forensic accountants traced the cash, uncovering more than $4 million in confirmed losses. So far, 20 victims are on record, but investigators say the real number could top 100. Read more: Americans are 'revenge saving' to survive — but millions only get a measly 1% on their savings. A web of scams, not just showbiz It wasn't just real estate deals raising eyebrows. According to the arrest affidavit, the couple also used a fake company — complete with fake employees — to apply for a federal Paycheck Protection Program loan. When questioned by the FBI over lunch at a McDonald's, Mukherjee claimed he didn't recognize the names on the payroll form tied to his application — a slip-up that sent up serious red flags. And the paper trail didn't stop there. Authorities say the couple's bank accounts were also padded with funds from elderly victims who were targeted with threatening emails that falsely claimed they would go to jail unless they made payments. The FBI warns this isn't uncommon: in 2024, older Americans lost nearly $4.9 billion to fraud schemes — a 43% jump from the year before. "In [my] 23 years, [Sammy Mukherjee] is probably the most prolific fraudster I've seen," Brennan told the CBS News Texas I-Team. "Tentacles going in all different directions." Even as investigators closed in, the Mukherjees stayed in the spotlight, headlining a cultural gala under a nonprofit. One problem — tax records show the nonprofit was registered at their own home, the same place where police eventually made the arrest. The final curtain falls The spotlight has dimmed on the Mukherjees, and this time, there's no encore. The couple is now facing a first-degree felony theft charge that could put them behind bars for five to 99 years. After posting a $500,000 bond each, ICE agents showed up at their Plano home and took Sammy into custody. While the criminal case moves forward, alleged victims remain stuck in financial limbo. The Mukherjees filed for bankruptcy last year, and investigators are still following paper trails to see if any of the missing millions ended up in offshore accounts or crypto wallets. If an investment opportunity feels too good to be true — even when it comes from someone charismatic or well-connected — that's your sign to hit pause. Always verify documents, check for independent records and talk to a licensed financial advisor before sending money. If you've already fallen victim to a scam, getting your money back can be tough, and you can't undo any personal information that's been exposed. But you can take steps to limit the damage. Report the fraud to the Federal Trade Commission, Better Business Bureau and any company involved, such as your bank or email provider. If you clicked on a suspicious link, run a virus scan. Change any passwords the scammer may have accessed and consider using passkeys for added protection. If you share personal or financial details, consider adding a free fraud alert or credit freeze to your credit report to help prevent further identity theft. What to read next Robert Kiyosaki warns of 'massive unemployment' in the US due to the 'biggest change' in history — and says this 1 group of 'smart' Americans will get hit extra hard. Are you one of them? How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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Miami Herald
2 days ago
- Business
- Miami Herald
Former mayoral candidate in this Broward city sentenced in PPP fraud case
A former Miramar mayoral candidate was sentenced Tuesday to three years of probation and ordered to repay more than $123,000 in federal funds after pleading guilty to fraudulently obtaining a COVID-19 relief loan. Rudy Theophin, 41, admitted in federal court to submitting a false application for a Paycheck Protection Program (PPP) loan in July 2020. Prosecutors said he claimed his business employed eight people and had an annual payroll of more than $583,000. In reality, the company did not exist, and the tax documents supporting the loan were fabricated. Theophin received $123,675 through the PPP program, which was intended to help struggling small businesses during the pandemic. He used part of the funds to purchase a $255,000 condominium in Miramar. That property is now subject to federal forfeiture as part of a money judgment. Prosecutors argued for a prison sentence, citing the misuse of public funds at a time of national crisis. But U.S. District Judge Rodney Smith opted for probation, noting Theophin's lack of criminal history and longstanding community service. Several people submitted letters in support of Theophin, including David Burney, chairman of the Greater North Miami Chamber of Commerce. 'Rudy has been an unwavering advocate for young people — particularly high school students from under-resourced and under-served backgrounds,' Burney wrote. 'In his role as a mentor within our Chamber programs, he devoted countless hours to helping youth navigate their personal and academic challenges.' The court ordered Theophin to repay the full $123,675. If he fails to do so, the federal government may seize and sell the condo purchased with the loan proceeds.
Time of India
2 days ago
- Time of India
'Bollywood-style performances': Indian couple in Texas accused of multimillion-dollar fraud. Who are Sammy and Sunita Mukherjee?
Indian couple Sammy Mukherjee and Sunita Mukherjee accused of multimillion dollar scam in Texas. Sidhartha Mukherjee, popularly known as Sammy, and his wife Sunita, an Indian couple in North Texas, who became local celebrities because of their Bollywood-style performances, have been arrested for allegedly defrauding more than 100 people in a fake investment scheme worth over $4 million. Prosecutors said they led a very glamorous life to gain people's trust, hosted high-society events, Bollywood-style galas and became charitable community figures. But at those events, they used to convince people to invest in real estate projects that never existed. "They will make you believe that they are very successful businesspeople," alleged fraud victim Terry Parvaga told CBS News. "But they will take every single penny you have." The investigation into the Mukherjees began nearly two years ago when Euless Police detective Brian Brennan agreed to take on the case after several complaints from victims were dismissed as civil disputes. Brennan told the CBS News that a couple claimed that they lost $325,000 in an alleged investment scheme. Modus operandi of the Mukherjees Investors and alleged victims said the Mukherjees provided them with remodeling contracts and invoices from the Dallas Housing Authority that made them believe in the authenticity of his projects. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Earn upto 36 Credits from IITB PG Diploma from IIT-B Learn More Undo But eventually, it was found out that those were fake documents. According to the affidavit for arrest, the Mukherjees used a fake company with fictitious employees to apply for a federal Paycheck Protection Program loan. An FBI agent met Sammy Mukherjee during the investigation and asked him whether he recognizes names like "Richard Jackson," "Nikki Reynolds" and "Mike Summerville". These were people listed on a payroll form that Mukherjee submitted as part of the PPP loan application, but he said he did not know the,. "In [my] 23 years, [Sammy Mukherjee] is probably the most prolific fraudster I've seen," Brennan told the CBS News. "Tentacles going in all different directions." In May, the Mukherjees hosted a charity gala with a Bollywood personality present, before they were arrested by the ICE. Who are the Mukherjees of Texas? According to documents, the couple came to the United States from India seeking asylum. Their current immigration status is not known. The arrest affidavit said Sammy Mukherjee has outstanding fraud warrants in Mumbai. In the local circle in Texas, Sammy is known as a Bollywood singer. Sammy Mukgerejee denied all allegations and said people were defaming him because they are jealous of his success.
Chicago Tribune
4 days ago
- Chicago Tribune
Former sheriff's employee pleads guilty in theft, making repayment
A former Cook County sheriff's office employee has made partial restitution after pleading guilty to theft of COVID-19 pandemic stimulus money, according to Illinois Attorney General Kwame Raoul's office. Raymond Harris, 45, of Calumet Park, pleaded guilty Monday to one count of theft exceeding $10,000, a felony, a news release from Raoul's office. Harris fraudulently applied for and received about $20,000 in a Paycheck Protection Program loan, according to the release. Harris was employed by the Cook County sheriff's office in 2021 when he fraudulently applied for and a received the PPP loan from the U.S. Small Business Administration by falsely claiming that he owned a sole proprietorship business that did not exist, according to the sheriff's office. Harris paid $2,500 in restitution upfront, with Cook County Judge Michael Pattarozzi ordering Harris to pay the remainder in $382 monthly installments and to complete two years of second chance probation, according to the news release.
Yahoo
4 days ago
- Politics
- Yahoo
Lyles, Brown expected to file for reelection in Charlotte today
Charlotte Mayor Vi Lyles and District 3 Councilmember Tiawana Brown are planning to file for re-election Wednesday, facing primary challenges in their respective races. Lyles is seeking a fifth term in office, and she's already facing a primary challenge. One candidate, Tigress Acute Sydney McDaniel, has filed to run, but former mayor Jennifer Roberts has hinted at a possible run for her former seat. Community activist Gemini Boyd also says he is planning to run. Brown's decision to run for reelection comes amid legal challenges, as she is currently federally indicted for alleged fraud involving the Paycheck Protection Program. RELATED >> City councilmember, daughters indicted on PPP fraud charges Brown said she remains committed to her campaign. She's currently facing competition from Montravias King and Joi Mayo in the primary. Filing for the upcoming election ends this Friday at noon. (VIDEO: Mayor Vi Lyles backs CMPD chief amid possible lawsuit against city council)
