Dinesh Sah, pleaded guilty to coordinating a $24.8 million PPP scam and using the money to buy luxurious cars and homes.
55-year-old Dinesh Sah of Texas, submitted 15 fraudulent applications to eight different loan lenders seeking about $24.8 million as part of the Paycheck Protection Program.
Sah claimed the businesses had numerous employees and a lot of expenses when none of the businesses had employees nor a payroll paid wages consistent with the amounts on the applications
Authorities said Sah also used fake bank statements and tax filings.
Sah received $17 million in Paycheck Protection Program loan money and used it to buy multiple homes in Texas and California. He even purchased a Bentley convertible, a Porsche Macan and a Corvette Stingray.
Sah also sent millions in international money transfers, it said.
Sah pleaded guilty and As part of his guilty plea, Sah agreed to give up eight homes, vehicles and more than $7.2 million in fraudulent proceeds that the government has seized to date.
He faces a maximum penalty of 30 years in prison.