A Coppell man admitted to using fraudulent PPP loans to buy homes and luxury cars
ByFunAsia 26 Mar 2021 09:26 AM 172
A North Texas man admitted to using millions of dollars meant for businesses affected by the COVID-19 pandemic to buy homes and luxury cars.
According to the given statement from the U.S. Justice Department, 55-year-old Dinesh Sah of Coppell admitted that he submitted 15 fraudulent applications for loans through the Paycheck Protection Program (PPP).
Sah received nearly $25 million in loans to pay for his employees and help his businesses survive.
Instead, prosecutors said he used the money to buy homes in Texas and California, as well as luxury cars including a Bentley convertible.
Sah faces up to 30 years in prison.