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Credit Card Fraud

Nov 3 2017

New York man found guilty in $200 million credit card fraud scheme

A New York man was sentenced to two years in prison for his role in an elaborate $200 million credit card fraud scheme. He was charged with conspiracy to commit bank fraud.

Raghbir Singh, 61, was charged in February 2013 in a scheme that procured thousands of credit cards by creating over 7,000 fake identities. Singh was fined $1,000 and sentenced to three years of supervised release during his sentencing in Newark federal court.

According to court documents, Singh and other defendants used a three-step process in which they would fabricate false documents, falsify credit profiles and, finally, run up hefty loans. They created a vast network of over 1,800 drop addresses nationwide. Apartments, houses and post office boxes were used as the fake identities’ mailing addresses.

The conspiracy caused financial institutions and businesses to suffer losses in excess of $200 million, according to authorities. Singh pleaded guilty to one count of conspiracy to commit bank fraud. He admitted to helping obtain and mail out third-party credit cards, many of which were fake. Singh also said he knew the credit cards would be used to defraud businesses.

Credit card fraud is a felony in New York. Individuals facing investigation or charges for credit card fraud should contact an experienced defense attorney as soon as possible to protect their rights.