United States: Tech executive pleads guilty to wire fraud, money laundering

A Washington state tech executive has pleaded guilty to wire fraud and money laundering after trying to obtain $5.5 million in Paycheck Protection Program loans and laundering some of the proceeds, federal prosecutors said.

Mukund Mohan of Clyde Hill was charged in July 2020 and agreed to a plea deal on Monday, Acting U.S. Attorney Tessa Gorman said in a statement. He’s scheduled to be sentenced on July 20.

Mohan submitted at least eight fake PPP loan applications for six different companies to federally insured financial institutions, according to the plea agreement and court records. He made false and misleading statements about the companies to support the fake applications.

He obtained about $1.7 million, but investigators were able to quickly seize all but about $16,000 of it.

In one case, he said his company Mahenjo Inc. had dozens of employees and paid millions of dollars in employee wages and payroll taxes in 2019 when he really purchased the company in 2020 and had no workers or business activity.

The original full article can be found at heraldsun.com

 

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