CLEVELAND, Ohio (WYTV) – A Warren man was sentenced to 45 months in prison for defrauding banks out of about $2.5 million through fraudulent short sales of Youngstown-area gas stations.
Shaukat Sindhu, 56, pleaded guilty to two counts of conspiracy to commit bank fraud and one count each of corrupt interference with the administration of the Internal Revenue Service and marriage fraud.
Investigators said he bought a 13-bedroom home with money made from the fraudulent sales. He owned several gas stations and commercial property but failed to make mortgage payments on the properties. He also used a false identity to create the illusion that there was an independent buyer for the properties at a significant discount, according to investigators.
Tahir Iqbal, of Indiana, was also sentenced to 12 months in jail for his park in the conspiracy.
“Attempting to skirt your income tax obligations by using multiple Social Security numbers, dealing in cash and concealing income and assets in the names of nominees is a recipe for criminal prosecution,” said Kathy Enstrom, special agent in charge of the IRS Criminal Investigation unit of the Cincinnati field office.