U.S. v. Rahul Shah

Case summary

U.S. v. Rahul Shah, Case No. 1:20-cr-00293 (N.D. Ill., Eastern Division), is a Paycheck Protection Program prosecution. The criminal complaint filed June 15, 2020 as Document 1, before Magistrate Judge Maria Valdez, charges bank fraud under 18 U.S.C. 1344 from about April 30 to May 18, 2020 and a false statement to a financial institution under 18 U.S.C. 1014; TIGTA Special Agent James Sams's affidavit says a bank received an April 30, 2020 PPP application for a $441,138 loan to N2N Holdings, LLC claiming ten employees and a $176,455 average monthly payroll, supported by IRS Forms 941 signed by Shah that reported payroll far above IRS records. The indictment filed February 25, 2021 as Document 48 charges in Count One a scheme to defraud Bank A from in or around April 2020 to in or around May 2020 through PPP loan applications for N2N Holdings, LLC, including an application on or about April 5, 2020 for approximately $441,138 and revised applications for approximately $139,000 and approximately $99,175; Counts Two through Four charge false statements to Bank A under Title 18, United States Code, Section 1014, and the last count charges possessing and using a means of identification of another person under Section 1028A(a)(1). These are charges; no plea or judgment is hosted. The hosted docket ends with the indictment.