Suniti Shah and Supriti Soni Join Mom in Prison After Admitting Roles in $16 mil Scam
The final piece of the fraud puzzle: a pending trial for Shah's 62-year-old husband, Dinesh Valjeebhai Shah.
Lohia, a licensed real estate agent, worked out of Vason Development, a Santa Ana company that processed home loan applications and was owned by her daughter Soni, as well as New Age Realty, First Property Escrow, City First Realty and Associates Investments Group, which the Shahs owned and operated out the same Newport Avenue address in Tustin.
|Booking photos courtesy of OCDA|
Between June 2006 and October 2009, they obtained more than 15 fraudulent loans on real estate properties in Orange County through the use of "straw buyers"--people who knowingly and willingly allowed their credit to be used for the purchase of a property they never intended to control.
Loan applications, bank statements and employer information were then fabricated to reflect significantly higher incomes for the straw buyers, whose names and signatures were also forged on various deeds and loan documents.
With all the funny papers, $16 million in loans approved by Washington Mutual Bank were obtained.
Lohia and wife Shah also admitted to--and husband Shah is accused of--filing false and forged documents with the Orange County Clerk-Recorder's Office to reflect phony property transfers. Lohia also under-reported her personal income for two years on tax returns.
The fraud came tumbling down after a realtor complained to authorities.
Pursuing the American Dream ... of Ponzi Schemes and Real Estate Fraud!?!