Texas Man Accused Of Using $17M In PPP Loans To Buy Houses, Cars

A man in Coppell, Texas, is accused of using money set aside to help businesses through the pandemic to buy himself multiple homes and luxury cars.

Dinesh Sah, 55, was charged with three counts of wire fraud, three counts of bank fraud and one count of money laundering last week. Sah applied for Paycheck Protection Program loans for 15 businesses he said he owned or ran. He allegedly sought $24.8 million to help retain hundreds of employees he said worked for him.

He created many of these businesses after the CARES Act went into effect, according to a statement by the U.S. Attorney’s Office Northern District of Texas. None of those companies had real employees.

“Mr. Sah exploited this terrible pandemic for personal gain – and he should be held accountable to the American people for that behavior,” said U.S. Attorney Erin Nealy Cox.

Before his scam was uncovered, Sah received $17.7 million in PPP loan funds. From August 5 to just days before his arrest in September, Sah purchased five homes in Coppell, which is northwest of Dallas, according to the Dallas Morning News.

Sah also purchased a 2020 Bentley Continental GT and 2020 Chevrolet Corvette. He also sent millions of dollars in international transfers.

A man in Florida was accused in a similar scheme, but he used the PPP loans to buy a Lamborghini.

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