The man in question is Nitin Vats, a 52-year-old Indian national

He has admitted to his crime

The court documents outlined the intricate nature of the scheme

Nitin Vats, a 52-year-old Indian national and former employee of a now-defunct New Jersey-based marble and granite wholesaler, has admitted to his involvement in a sophisticated scheme to defraud a bank of $17 million. This revelation comes following Vats’ guilty plea to conspiracy to commit fraud affecting a financial institution.

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According to court proceedings before US District Judge Susan D Wigenton, Vats, along with the owner and other employees of Lotus Exim International Inc (LEI), orchestrated the fraudulent scheme between March 2016 and March 2018. Their objective was to secure a $17 million line of credit from a bank under false pretenses, purportedly backed by LEI’s accounts receivable.

However, investigations revealed a web of deceit, wherein the conspirators manipulated and inflated the accounts receivable to mislead the bank. This led to LEI defaulting on the line of credit, resulting in substantial losses for the victim bank.

To conceal the lack of genuine collateral, Vats devised a cunning plan involving the creation of fake email addresses for LEI’s clients. These bogus accounts facilitated the impersonation of clients by other employees when communicating with the bank and external auditors.

The court documents outlined the intricate nature of the scheme, citing numerous fraudulent accounts receivable with inflated or entirely fabricated balances.

Vats now faces a maximum sentence of 30 years in prison and a fine of $1 million. Sentencing is scheduled for September 11, 2024, as the legal proceedings continue to unfold.