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7-year jail term for Indian-American in fraud case

An Indian-American known for his mega Bollywood shows in the U.S. has been sentenced to seven-year imprisonment in a $33 million mortgage fraud case.

Vijay K. Taneja, 48, was found guilty by a Virginia Court of defrauding four major U.S. banks — Franklin Bank, First Tennessee Bank, Wells Fargo Bank and EMC Mortgage Co — and also cheating the Indian-American community with phoney home loans.

The U.S. District Judge Claude M Hilton also ordered Mr. Taneja to pay $33 million in restitution to these four financial institutions.

Source: The Hindu(PTI)


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