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DOJ Charges Texas Engineer with Bank Fraud Related to COVID-19 Loans

Ben KostyackbyBen Kostyack
May 14, 2020
in News
Reading Time: 2 mins read
Rio Tinto Whistleblower Files Complaint with U.S. Regulators
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An engineer in Texas who allegedly sought more than $10 million in loans from the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act has been charged with bank fraud.

According to the Department of Justice, Shashank Rai claimed to have 250 employees for his company, when he had no employees working for his business.

This action is the latest in the DOJ’s pursuit of those taking advantage of the fallout from the coronavirus pandemic.

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In late March, the DOJ set up a nation-wide program and reporting process for coronavirus-related frauds. Shortly after setting up the program, the department announced its first enforcement action against a COVID-19 fraudster.

“As alleged, Rai fraudulently pursued millions of dollars in loans intended for legitimate small businesses suffering the economic hardships o the COVID-19 pandemic,” said Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division. “The department and our law enforcement partners will remain vigilant in our efforts to protect critical CARES Act relief programs from fraud and abuse.”

If you have information about COVID-19 frauds, it is best practice to contact an experienced whistleblower attorney to assist you.

Read the Department of Justice press release: Engineer Charged in Texas with COVID-Relief Fraud.

Tags: CoronavirusCoronavirus WhistleblowerDepartment of Justice
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Ben Kostyack

Ben Kostyack

Ben Kostyack is an Assistant News Editor for Whistleblower Network News. He writes about breaking whistleblower news, and False Claims Act whistleblowers, SEC whistleblowers, IRS whistleblowers, FCPA whistleblowers, and CFTC whistleblowers. Ben has a degree in Journalism with a minor in Economics from the University of Massachusetts Amherst. He was a communications intern at the whistleblower law firm Kohn, Kohn and Colapinto during the summer of 2018.

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