We all know of people who lost their jobs, were laid off, or were put on leave during the Covid-19 pandemic. Maybe you are one of those people and you may have been able to continue receiving a paycheck because your boss got one of the government payroll loan loans. These loans were for small businesses in the United States and amounted to almost $ 700 billion. One man who received the loan, Fahad Shah of Texas, from Dallas suburbs to Murphy, received one of these coveted PPP loans. It received more than $ 1.5 million in May to cover the salaries of its employees. How lucky were these 126 people, right? Not so quickly, Mr. Shah made a shady AF movement by pocketing this money. Worse, these 126 employees did not even exist.
When Shah applied for the payroll program loan, he told the federal government (tip: it’s a bad idea to lie to the federal government), that his company, Weddings by Farrah, needed loans for his 126 employees. It was approved for $ 1,592,657. Here’s the kick, however – her wedding business ceased operations in 2018. Why? Farrah’s marriages have been closed by the federal government for failure to pay taxes. Shah got the loan and kept it. He is said to have deposited more than half a million into an e-commerce account.
Shah is charged and has in fact been charged with federal charges of wire fraud, criminal transactions and false statements at a bank. Basically, Mr. Shah pocketed this PPP loan and used it for his own personal (and non-commercial) expenses as intended. One of these expenses was an all-new $ 60,000 Tesla. Shah was arrested. He faces up to 30 years in prison if convicted, and I’m not a lawyer, but I don’t see how he could get out of it.
There seems to be a bit of an epidemic of payday loan fraud in the eastern district of Texas. Shah is the third person to be arrested in this jurisdiction this year for PPP fraud.
Just say no to trying to: 1. defraud the federal government, and 2. try to fraudulently obtain funds that real American small businesses need to stay afloat during the pandemic. Shame on you Farah Shah! Elon Musk, are you listening? Can you and Grimes go nuclear on him, or at least repossess his Tesla?