Indian in America confessed to the crime of fraud, was involved in a conspiracy of bank fraud of 17 lakh dollars

Washington: US Attorney Philip R. Selinger has said that an Indian citizen has been found involved in a bank fraud conspiracy of $17 lakh. Nitin Vats, a former employee of a defunct New Jersey-based marble and granite wholesaler, has pleaded guilty before U.S. District Judge Suzanne D. Wingten. In this case, he can face a maximum of 30 years in prison and a fine of one million dollars.

His sentencing will be decided on September 11. From March 2016 to 2018, one of the owners and employees of Lotus Exim International Inc., including Watsa, conspired to obtain a $1.7 million line of credit from the bank. So he created fake emails of customers and posed as customers. Many fake accounts were presented. Due to this the bank suffered a loss of 1.7 million dollars.