Home Dallas Press Releases 2010 Pennsylvania Man Sentenced in Loan Fraud Scheme
Info
This is archived material from the Federal Bureau of Investigation (FBI) website. It may contain outdated information and links may no longer function.

Pennsylvania Man Sentenced in Loan Fraud Scheme

U.S. Attorney’s Office October 06, 2010
  • Eastern District of Texas (409) 839-2538

PLANO, TX—Mahadev Desai, 54, was sentenced today in connection with his role in a fraud scheme involving false statements to obtain loan financing. United States District Judge Richard A. Schell sentenced Desai to a term of 51 months in federal prison and ordered him to pay $362,336.50 in restitution to his victims.

According to court documents, Desai obtained financing in the Eastern District of Texas in order to renovate a Day’s Inn located in Girard, Ohio. However, Desai created and provided false documentation evidencing renovations that never occurred in order to obtain the proceeds of the loan and convert it to personal use.

Special Agents from the Federal Bureau of Investigation investigated the case.

This content has been reproduced from its original source.