NRI Rakesh Kaushal, a 66-year old Indian origin man pleaded guilty to all the charges of wire fraud that was made amounting to $1.7 million. The same was associated with a scheme to defraud his employer.
The United States Attorney for the District of Maryland Robert Hur and Special Agent in Charge Jennifer Boone of the Federal Bureau of Investigation, Baltimore Field Office issued a statement saying that the NRI who is from Maryland has pleaded guilty to all the allegations last week to the federal charge of conspiracy for the fraud that he has been part of.
Kaushal has already been detailed and is set to experience a maximum of 20 years of sentence for the wire fraud conspiracy. He is going to be sentenced in January 2020.
The pleas agreement suggests that Kaushal was part of a company between August 2015 and January 2017 which had its headquarters in Maryland. The company was primarily based around construction and design services for the federal government agencies.
Ivan Victor Thrane was the owner and the managing director of three of the construction companies that were operating around in Dickerson and Beltsville in Maryland.
When asked about the scheme of events, Kaushal admitted that he conspired with Thrane to defraud the Maryland based construction company with the submission of the fraudulent payment requests for three of the companies that were managed and handled by Kaushal himself.
The prosecutors in the case said that following committing the fraud, Kaushal secured a hefty sum of $650,000 which is transferred to a personal bank account in India where he was listed as a beneficiary.
Following finding the misfits, the Maryland based company took strict actions against Kaushal and Thrane and successfully obtained a default judgement against Kaushal with the total amount of $1.7 million.
The turn of events forced Kaushal to file for a case of bankruptcy. During one of the proceedings with the bankruptcy case, Kaushal came upfront and testified that he has already used some of the money to buy a condo in India. In addition to that, he further said that he has already lost over $100,000 in gambling.
Kaushal also admitted that the loss which is attributable to him can amount somewhere between $1.5 to $3.5 million. Thrane also pleaded guilty to the case behind this scheme in August and is all set to be sent to the sentence in January 2020 much like Kaushal.
According to the plea agreement, both NRI Kaushal and Thrane are expected to pay restitution of the full amount of loss that the victim has experienced which is $988,805.
