Home News Two Indians sentenced for credit card fraud in US

Two Indians sentenced for credit card fraud in US

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Indians credit card fraud US

Two Indian-Americans in the United States have been confined to over a year of imprisonment for a huge international credit card fraud involving higher than $200 million.

Vijay Verma, 49, & Tarsem Lal, 78, both of whom are the owner of a jewelry shop in New Jersey, have been sentenced to fourteen months in jail & twelve months of home confinement, respectively, the Acting United States Attorney William E Fitzpatrick told.

Both had beginning pleaded guilty to the management.

Verma & Lal were charged in October 2013 as part of a scheme to build more than 7,000 false identities to get tens of thousands of credit cards.

According to court records, associates in the scheme doctored credit reports to pump up the spending & borrowing power connected with the cards.

They then borrowed or spend as enough as they could, meant on the phony credit history, however, did not repay the debts – generating more than $200 million in approved losses to businesses & financial institutions, federal prosecutors declared.

These debts were acquired at Verma’s jewelry store, among several other locations, where Verma would provide fraudulently get credit cards to be swiped in phony transactions, court papers told.

 Federal prosecutors claimed that Verma & Lal each allowed allowing others who came to their Jersey City, New Jersey, store to swipe cards they understood did not legitimately belong to them.
Verma & Lal would then split the proceeds of the phony transactions with these additional conspirators.
In extension to the prison terms, Judge Thompson convicted Verma to 3 years of supervised release & Lal to 3 years of probation.
Each of them has been fined $5,000 & ordered to pay a forfeiture of $451,259.

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