Va. Businessman Pleads Guilty to $33M Mortgage Fraud - washingtonpost.com
Va. Businessman Pleads Guilty to $33M Mortgage Fraud - washingtonpost.com: "A prominent Northern Virginia businessman pleaded guilty today in a case that prosecutors are calling one of the largest in a wave of nationwide mortgage frauds triggered by the decline in the housing market.
Vijay K. Taneja, 47, admitted that he defrauded banks of at least $33 million through schemes in which he created bogus mortgage loans and obtained funds for the same loans from multiple banks. Prosecutors said the case is the largest in Virginia in at least 20 years.
Taneja is well known in the local Indian American community, and he invested millions of his proceeds in Indian films and musical acts, officials said."
Vijay K. Taneja, 47, admitted that he defrauded banks of at least $33 million through schemes in which he created bogus mortgage loans and obtained funds for the same loans from multiple banks. Prosecutors said the case is the largest in Virginia in at least 20 years.
Taneja is well known in the local Indian American community, and he invested millions of his proceeds in Indian films and musical acts, officials said."
posted by Adrian Eyre at 4:11 PM
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