Mukund Mohan – Ex executive at companies like Amazon and Microsoft was charged and arrested on Thursday, He was booked for fraudulently applying for more than $5.5 million in US small-business loans and laundering some of the money into his personal Robinhood brokerage account.
He applied for eight loans to six companies under the pandemic situation of Coronavirus through paycheck protection program which is designed for small business workers and their businesses encouraged during the pandemic situation.
Mohan has pursued computer science from Mysore University and later shaped his career as a director of engineering at Microsoft in US before he became an entrepreneur.
The US Attorney’s criticism states with
reference to one of many mortgage functions that “Mohan submitted fake and altered documents, including fake federal tax filings and altered incorporation documents.”
Mohan is alleged to have transferred the cash he obtained to his private brokerage account with monetary companies firm Robinhood.
One of the businesses he utilized for a mortgage was known as Mahenjo. The criticism alleges that Mohan made quite a few false and deceptive statements about it, together with that on February 15, 2020, the corporate was in operation and had staff for whom it paid salaries and payroll taxes or paid impartial contractors; that in 2019, its payroll bills have been greater than $2.3 million; and that Mahenjo’s common month-to-month payroll bills have been no less than $172,250.
Robinhood Markets Inc. provided records showing an account belonging to Mohan transferred about $231,000 of the federal money to the stock-trading app, prosecutors said.(Hindustan Times)
