California man Mustafa Qadiri buys luxurious vehicles with US Govt’s Covid aide

The Federal Government had arrested a 38-year-old man in Southern California named Mustafa Qadiri for misusing $5 million of the federal Covid-19 reduction funds. Qadri was arrested final week for scheming to defraud the Paycheck Protection Program of the US authorities. He was slapped with quite a few costs of financial institution fraud, wire fraud, aggravated identification theft and cash laundering.
Mustafa Qadiri was later launched on a $100,000 bond. His trial is scheduled for June 29. He and his lawyer have been reportedly unavailable for remark.
According to stories, the accused had fraudulently obtained hundreds of thousands of {dollars} as a mortgage below the Paycheck Protection Program of the US authorities, which the federal government launched to assist small companies tide over the financial losses brought on by the Covid-19 pandemic.
After getting the mortgage quantity, Qadiri used it to purchase himself luxurious vehicles like a Ferrari, Bentley and a Lamborghini. Besides, he additionally used part of the PPP mortgage on lavish holidays and different private bills.
The prosecutors within the court docket contended that Qadiri submitted fraudulent mortgage functions to 3 banks based mostly on firms that have been discovered to be non-existent. Moreover, the papers he submitted included cast financial institution data, faux tax returns and so forth.
According to media stories, Qadiri additionally used another person’s identify, social safety quantity and signature to use for one of many loans. Following his arrest, authorities had seized the Ferrari, Bentley and Lamborghini vehicles together with the remaining $2 million from his financial institution accounts.