A California man is facing federal charges for allegedly defrauding a bank out of nearly $100 million.
The U.S. Department of Justice says 44-year-old Mahender Makhijani of Corona del Mar orchestrated a scheme involving manipulated title policies and shell companies.
Prosecutors allege he falsified title insurance records, concealed true lien positions and used a network of shell companies to make collateral pledged to a federally insured bank appear more valuable than it was.
He was arrested on a federal criminal complaint charging him with bank fraud.
The complaint, filed in the U.S. District Court in Santa Ana, details how Makhijani misled the bank regarding the value of assets securing loans.
Says acting Special Agent in Charge Darren Lian of IRS Criminal Investigation’s Los Angeles Field Office,
“Our special agents followed the money through layered transfers and disguised accounts, uncovering a scheme designed to deceive at every turn.
When individuals manipulate documents and abuse financial systems for personal gain, IRS CI will expose the truth and ensure they are held accountable.”
If convicted, bank fraud carries a maximum penalty of 30 years in prison.
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