Indian American gets 7 years jail for mortgage fraud
An Indian American, who attracted top Bollywood stars for his stage performaces in the US, has been sentenced to seven year imprisonment in a $33 mn mortgage fraud case.
By PTI |
WASHINGTON: An Indian American, who attracted top Bollywood stars for his stage performaces in the US, has been sentenced to seven year imprisonment in a $33 mn mortgage fraud case.
Vijay K Taneja, 48, was found guilty by a Virginia Court of defrauding four major US banks - Franklin Bank, First Tennessee Bank, Wells Fargo Bank and EMC Mortgage CO, a wholly owned subsidy of J P Morgan Chase and CO - and also scamming local Indian American community with phony home loans.
Taneja was well known in the community for his mega Bollywood shows in the US involving superstars like Shahrukh Khan and Aishwarya Rai.
In his order the US District Judge Claude M Hilton also ordered Taneja to pay USD 33 million in restitution to these four financial institutions. Besides seven years of imprisonment, he would be subject to three years of supervised release.
"I am very sorry about my conduct and the embarrassment caused to my family," Taneja was quoted as saying by The Washington Post in the court.
"I fully accept my responsibility and I am really very sorry," Taneja told the US District judge Claude M Hilton.
Son of a former Indian diplomat, Taneja immigrated to the US when he was 10 years old. A US national now, Taneja worked in various banks, later launching his own mortgage company. But his name to fame, which got him celebrity status among the Indian American community, was his mega shows, in which several Bollywood superstars staged performances.
In November last year, Taneja had pleaded guilty to one count of conspiracy to commit money laundering in connection with a mortgage fraud scheme involving his company, Financial Mortgage, Inc., (FMI). The company originated and sold mortgages on residential properties in the Washington, D.C., metropolitan area.
Vijay K Taneja, 48, was found guilty by a Virginia Court of defrauding four major US banks - Franklin Bank, First Tennessee Bank, Wells Fargo Bank and EMC Mortgage CO, a wholly owned subsidy of J P Morgan Chase and CO - and also scamming local Indian American community with phony home loans.
Taneja was well known in the community for his mega Bollywood shows in the US involving superstars like Shahrukh Khan and Aishwarya Rai.
In his order the US District Judge Claude M Hilton also ordered Taneja to pay USD 33 million in restitution to these four financial institutions. Besides seven years of imprisonment, he would be subject to three years of supervised release.
"I am very sorry about my conduct and the embarrassment caused to my family," Taneja was quoted as saying by The Washington Post in the court.
"I fully accept my responsibility and I am really very sorry," Taneja told the US District judge Claude M Hilton.
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Son of a former Indian diplomat, Taneja immigrated to the US when he was 10 years old. A US national now, Taneja worked in various banks, later launching his own mortgage company. But his name to fame, which got him celebrity status among the Indian American community, was his mega shows, in which several Bollywood superstars staged performances.
In November last year, Taneja had pleaded guilty to one count of conspiracy to commit money laundering in connection with a mortgage fraud scheme involving his company, Financial Mortgage, Inc., (FMI). The company originated and sold mortgages on residential properties in the Washington, D.C., metropolitan area.
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