Rajendra Kankariya, 61, of Tenafly, the president of LEI, was charged with the same crime. That case is still pending in federal court. This is a test to see whether we can improve the experience for you.
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READ: Piscataway man sentenced to probation in connection to 'alarming' $3M fraud. The scheme caused the victim bank losses of approximately $17 million. Both defendants made their initial court appearances today before U.S. Magistrate Judge Cathy L. Waldor in Newark federal court and were each released on $500,000 bonds secured by property. Join Facebook to connect with Rakesh Sethi and others you may know. View the profiles of people named Rakesh Sethi. Rochelle Park & Rakesh Sethi's Reputation Profile.
Sethi was released on Monday on a $500,000 bond secured by property. Rakesh Sethi, 65 Newark, NJ.
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The president and the chief financial officer of a now defunct New Jersey-based marble and granite wholesaler have been arrested for allegedly orchestrating and participating in a scheme to defraud a bank in connection with a $17 million secured line of credit, U.S. Attorney Craig Carpenito announced.
A former Bergen County marble and granite wholesaler and his Somerset County partner cooked the books while also posing as customers as part of a $17 million bank fraud, federal authorities allege.
The scheme involved numerous fraudulent accounts receivable where the outstanding balances were either inflated or entirely fabricated.
Bridgewater Courier News. What’s next? To find out more about Facebook commenting please read the Conversation Guidelines and FAQs. The scheme involved numerous fraudulent accounts receivable where the outstanding balances were either inflated or entirely fabricated.
c. LEI was a wholesale distributor of marble and granite with offices in Elmwood Park, New Jersey and India, among other places. Login, on Eleven Indian Students Among the 15 Arrested for OPT Related Fraud, on New Jersey Indian Pharmacy Owner Rao Desu Sentenced to Prison for Conspiracy to Defraud IRS, on Edison, NJ IT Consulting Company Savantis to Pay 345,000 to Resolve Allegations of Immigration and H-1B Visa Wage Violations, on Rajendra Kankariya Pleads Guilty to $17 Million Bank Fraud Scheme, on New Jersey Indian Ankur Agarwal Sentenced to 94 Months in Prison for Computer Hacking Scheme, on New Jersey Residents Dogar Singh and Rehan Afridi Charged in $10 Million Multi-State Bank Fraud Scheme, on Amish Jayant Patel Sentenced to Prison for Interstate Travel to Engage in Illicit Sex With a 9th Grade Girl, on New Jersey Indian Attorney Manish Patel Indicted with Marijuana Offenses, on Pritkumar Tarunkumar Patel Pleads Guilty to Cyberstalking, on Jersey City, NJ Indian Couple Found Dead in an Apparent Murder-Suicide, Rajendra Kankariya & Rakesh Sethi Criminal Complaint, Two New Jersey Indians Rajendra Kankariya and Rakesh Sethi Charged with $17 Million Fraud Scheme, Eleven Indian Students Among the 15 Arrested for OPT Related Fraud, New Jersey Indian Pharmacy Owner Rao Desu Sentenced to Prison for Conspiracy to Defraud IRS, Edison, NJ IT Consulting Company Savantis to Pay 345,000 to Resolve Allegations of Immigration and H-1B Visa Wage Violations, Rajendra Kankariya Pleads Guilty to $17 Million Bank Fraud Scheme, New Jersey Indian Ankur Agarwal Sentenced to 94 Months in Prison for Computer Hacking Scheme, New Jersey Residents Dogar Singh and Rehan Afridi Charged in $10 Million Multi-State Bank Fraud Scheme, Amish Jayant Patel Sentenced to Prison for Interstate Travel to Engage in Illicit Sex With a 9th Grade Girl, New Jersey Indian Attorney Manish Patel Indicted with Marijuana Offenses, Pritkumar Tarunkumar Patel Pleads Guilty to Cyberstalking, Jersey City, NJ Indian Couple Found Dead in an Apparent Murder-Suicide. Death Records for Rakesh Sethi
Typed comments will be lost if you are not logged in. To conceal the lack of sufficient collateral, LEI and its employees, including Kankariya and Sethi, devised a scheme to create fake email addresses on behalf of LEI’s customers so they could pose as those customers and answer the bank’s and outside auditor’s inquiries about the accounts receivable, according to court documents. The balance on several accounts receivable reports were “either inflated or entirely fabricated,” he added.
These are among the requests detailed in this year’s 12 stories about 13 individuals and families from around Central Jersey. See 2 Profile Searchers. LEI was a wholesale distributor of marble and granite. Welcome to our new and improved comments, which are for subscribers only.
BERNARDS – A township man has charged with orchestrating and participating in a scheme to defraud a bank in connection with a $17 million secured line of credit, U.S. Attorney Craig Carpenito announced on Monday. | Stile, Election results show New Jersey’s suburbs are getting bluer, Paterson awaits tally of City Council votes, Fulop talks Saleh win, arts & culture trust fund, legal weed, and Biden vs. Trump, Possible Murphy 2021 challengers make the most of 2020’s final hours, © Copyright 2018 InsiderNJ. Court Records found View. South Hackensack, COVID-19: Authorities Close Packed Paterson Nightclubs. Insider NJ’s Morning Intelligence Briefing: 11/5/2020, Insider NJ’s 2020 Election Day War Room (Updated 7:52am: Still Awaiting Cumberland CD2 Results; Prez Still Undetermined)), An Open Letter to Joe Biden: Why Val Demings is Your Best Choice, Followed by Duckworth and Bottoms, To Accuse Those Who Vote by Mail of Fraud is both Claimless and Immoral, Murphy Touts Jersey Dems: ‘Our Party Is Playing Everywhere’, NJCPA: Tax Change Needed to Level the Playing Field for Small Businesses, Minorities and Women in Cannabis Marketplace, Statement of Attorney General Gurbir S. Grewal on Constitutional Amendment Legalizing Adult-Use Cannabis, Millennials for NJ Election Night Results, New Jersey Coalition Calls on NJ Officials to Stand With Immigrant Communities, Will Map Bias Incidents Using Election Monitoring Technology Developed in Kenya, STATEMENT FROM PBA ON JUDGE POLANSKY’S INJUNCTION ON COUNTY’S PLAN TO TRANSFER INMATES TO SALEM, ATLANTIC COUNTIES, Why is America still so divided? Rajendra Kankariya was charged by complaint with one count of conspiracy to commit wire fraud affecting a financial institution.
The line of credit was to be secured by LEI’s accounts receivable and assets. The offense carries a maximum sentence of 30 years in prison and a fine of $1 million or twice the gross gain or loss derived from the offense, whichever is greater. File Number: 0400241173: Filing State: New Jersey (NJ) Filing Status: Unknown: Filing Date: July 1, 2008: Company Age: 12 Years, 3 Months: Principal Address: Rockaway, NJ 07866: Sponsored Links.
A U.S. District Court judge in Newark allowed the release Monday afternoon of Rajendra Kankariya, 61, of Tenafly, who was the now-defunct company’s president, and his chief financial officer, 44-year-old Rakesh Sethi of Basking Ridge, following their arrests by the FBI.
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Hackensack,
Tenafly, New Jersey Indian Rajendra Kankariya (61) pleaded guilty September 15, 20 to orchestrating and participating in a fraud scheme against a bank in connection with a $17 million secured line of credit. Maywood, We found records in 9 states. According to documents filed in this case and statements made in court: From late 2015 to early 2016, Lotus Exim International Inc. (LEI) obtained from the victim bank a $17 million line of credit to discharge a prior debt and gain working capital. December 9, 2019, 3:24 pm | in, Cumberland Consternation: No Result Creates Early Confidence Gap. LEI filed for bankruptcy in March 2018. Review.
Rajendra Kankariya, 61, of Tenafly, New Jersey, and Rakesh Sethi, 44, of Basking Ridge, New Jersey, are charged by complaint with one count each of conspiracy to commit wire fraud affecting a financial institution. Rochelle Park & The sentencing of 61-year old Tenafly, New Jersey Indian Rajendra Kankariya is scheduled for January 18, 2021.
24 talking about this. The scheme caused the victim bank losses of approximately $17 million. Hi!
The count of conspiracy to commit wire fraud to which Rajendra Kankariya pleaded guilty carries a maximum potential penalty of 30 years in prison and a fine of $1 million.
South Hackensack.
According to the case documents and court statements: From late 2015 to early 2016, Lotus Exim International Inc. (LEI) obtained from the victim bank a $17 million line of credit to discharge a prior debt and gain working capital.
Find Rakesh Sethi's phone number, address, and email on Spokeo, the leading online directory for contact information.
Celebrity Chef Of India, Cooking Show Host.
(Photo: ~File). The line of credit was to be secured by LEI’s accounts receivable and assets. Hackensack, All rights reserved.
In order to conceal the lack of sufficient collateral, LEI and its employees, including Kankariya and Sethi, devised a scheme to create fake email addresses on behalf of LEI’s customers so they could pose as those customers and answer the bank’s and outside auditor’s inquiries about the accounts receivables. Death records search results for Rakesh Sethi.
In reality, LEI’s accounts receivable and assets were insufficient to serve as collateral for the line. Lawsuits, Liens or Bankruptcies found on Rakesh's Background Report Criminal or Civil Court records found on Rakesh's Family, Friends, Neighbors, or Classmates View Details. The sentencing of 61-year old Tenafly, New Jersey Indian Rajendra Kankariya is scheduled for January 18, 2021. “In reality, LEI’s accounts receivable and assets were insufficient to serve as collateral for the line.”. In order to conceal the lack of sufficient collateral, LEI and its employees, including Kankariya and Sethi, devised a scheme to create fake email addresses on behalf of LEI’s customers so they could pose as those customers and answer the bank’s and outside auditor’s inquiries about the accounts receivables. Serves
is a New Jersey Domestic Limited-Liability Company filed on July 1, 2008. Maywood,
Company Contacts: Spokeo Links .
Court papers say that from late 2015 to early 2016, LEI obtained from a bank a $17 million line of credit to discharge a prior debt and gain working capital. Property secured bonds of $500,000 for each of them, U.S. Attorney Craig Carpenito said.
Rakesh Sethi, 44, the chief financial officer of the now-defunct Lotus Exim International Inc. (LEI) of Elmwood Park, is free on a $500,000 bond. “The line of credit was to be secured by LEI’s accounts receivable and assets,” the U.S. attorney said.
Rajesh Sethi, Cpa L.L.C.
You will need to register before adding a comment. In reality, LEI’s accounts receivable and assets were insufficient to serve as collateral for the line of credit, the court papers say.
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