Death Records for Rakesh Sethi Rajendra Kankariya, 61, of Tenafly, New Jersey, and Rakesh Sethi, 44, of Basking Ridge, New Jersey, are charged by complaint with one count each of conspiracy to commit wire fraud affecting a financial institution. The government is represented by Assistant U.S. Attorney Sammi Malek of the U.S. Attorney’s Office Economic Crimes Unit in Newark. (Photo: ~File). A link has been sent to your friend's email address. Staff Writer Mike Deak: 908-243-6607; mdeak@mycentraljersey.com. Help MyCentralJersey continue to provide in-depth reporting like this. Rochelle Park & Rakesh Sethi, 44, the chief financial officer of the now-defunct Lotus Exim International Inc. (LEI) of Elmwood Park, is free on a $500,000 bond. It's OK to disagree with someone's ideas, but personal attacks, insults, threats, hate speech, advocating violence and other violations can result in a ban. The scheme involved numerous fraudulent accounts receivable where the outstanding balances were either inflated or entirely fabricated. Both defendants made their initial court appearances today before U.S. Magistrate Judge Cathy L. Waldor in Newark federal court and were each released on $500,000 bonds secured by property. December 9, 2019, 3:24 pm | in, Cumberland Consternation: No Result Creates Early Confidence Gap. View Rakesh Sethi’s profile on LinkedIn, the world’s largest professional community. Maywood, The sentencing of 61-year old Tenafly, New Jersey Indian Rajendra Kankariya is scheduled for January 18, 2021. The scheme involved numerous fraudulent accounts receivable where the outstanding balances were either inflated or entirely fabricated. These people, your neighbors, just need a little something that is beyond their financial means right now, but will make a huge impact in their lives. is a New Jersey Domestic Limited-Liability Company filed on July 1, 2008. Join Facebook to connect with Rakesh Sethi and others you may know. Find our latest subscription options and special offers here. Rakesh Sethi, 65 Newark, NJ. Typed comments will be lost if you are not logged in. That case is still pending in federal court. The scheme involved numerous fraudulent accounts receivable where the outstanding balances were either inflated or entirely fabricated. Rakesh Sethi, 44, the chief financial officer of the now-defunct Lotus Exim International Inc. (LEI) of Elmwood Park, is free on a $500,000 bond. Rakesh Sethi, 44, the chief financial officer of the now-defunct Lotus Exim International Inc. (LEI) of Elmwood Park, is free on a $500,000 bond. Lock. Review. The count of conspiracy to commit wire fraud to which Rajendra Kankariya pleaded guilty carries a maximum potential penalty of 30 years in prison and a fine of $1 million. The line of credit was to be secured by LEI’s accounts receivable and assets. You've read our articles so we know you like our reporting. Find Rakesh Sethi's phone number, address, and email on Spokeo, the leading online directory for contact information. According to documents filed in this case and statements made in court: From late 2015 to early 2016, Lotus Exim International Inc. (LEI) obtained from the victim bank a $17 million line of credit to discharge a prior debt and gain working capital. South Hackensack. See 2 Profile Searchers. BERNARDS – A township man has charged with orchestrating and participating in a scheme to defraud a bank in connection with a $17 million secured line of credit, U.S. Attorney Craig Carpenito announced on Monday. Property secured bonds of $500,000 for each of them, U.S. Attorney Craig Carpenito said. In order to conceal the lack of sufficient collateral, LEI and its employees, including Kankariya and Sethi, devised a scheme to create fake email addresses on behalf of LEI’s customers so they could pose as those customers and answer the bank’s and outside auditor’s inquiries about the accounts receivables. Conspiracy to commit wire fraud affecting a financial institution carries a maximum potential penalty of 30 years in prison and a fine of $1 million or twice the gross gain or loss derived from the offense, whichever is greater. View the profiles of people named Rakesh Sethi. Welcome to our new and improved comments, which are for subscribers only. Rakesh Sethi's Reputation Profile. The sentencing of 61-year old Tenafly, New Jersey Indian Rajendra Kankariya is scheduled for January 18, 2021. Who’s Up and Who’s Down in NJ Following the Election? To conceal the lack of sufficient collateral, LEI and its employees, including Kankariya and Sethi, devised a scheme to create fake email addresses on behalf of LEI’s customers so they could pose as those customers and answer the bank’s and outside auditor’s inquiries about the accounts receivable, according to court documents. Hackensack, The line of credit was to be secured by LEI’s accounts receivable and assets. Company Contacts: Spokeo Links . Rochelle Park & Bridgewater Courier News. | Mike Kelly, Voters around N.J. cast resounding ‘yes’ votes to raising their open space taxes, ‘A Donald Trump curse:’ Polls whiff on another election — and I’ll never believe them again | Politi, NJ Dems take a victory lap. Sethi was released on Monday on a $500,000 bond secured by property. Click here to sign up for Daily Voice's free daily emails and news alerts. Rajendra Kankariya Court Documents & Related Stories: Rajendra Kankariya Plea Agreement Rajendra Kankariya & Rakesh Sethi Criminal Complaint Two New Jersey Indians Rajendra Kankariya and Rakesh Sethi Charged with $17 Million Fraud Scheme Rakesh has 2 jobs listed on their profile. 19 records for Rakesh Sethi. This is a test to see whether we can improve the experience for you. All rights reserved. 24 talking about this. The charge and allegations contained in the complaint are merely accusations, and the defendants are presumed innocent unless and until proven guilty. Tenafly, New Jersey Indian Rajendra Kankariya (61) pleaded guilty September 15, 20 to orchestrating and participating in a fraud scheme against a bank in connection with a $17 million secured line of credit. A link has been posted to your Facebook feed. Message. We found records in 9 states. A U.S. District Court judge in Newark allowed the release Monday afternoon of Rajendra Kankariya, 61, of Tenafly, who was the now-defunct company’s president, and his chief financial officer, 44-year-old Rakesh Sethi of Basking Ridge, following their arrests by the FBI. LEI was a wholesale distributor of marble and granite. In reality, LEI’s accounts receivable and assets were insufficient to serve as collateral for the line. To keep reading please join our mailing list. The line of credit was to be secured by LEI’s accounts receivable and assets. The president and the chief financial officer of a now defunct New Jersey-based marble and granite wholesaler have been arrested for allegedly orchestrating and participating in a scheme to defraud a bank in connection with a $17 million secured line of credit, U.S. Attorney Craig Carpenito announced. A U.S. District Court judge in Newark allowed the release Monday afternoon of Rajendra Kankariya, 61, of Tenafly, who was the now-defunct company’s president, and his chief financial officer, 44-year-old Rakesh Sethi of Basking Ridge, following their arrests by the FBI. There are 100+ professionals named "Rakesh Sethi", who use LinkedIn to exchange information, ideas, and opportunities. Serves Celebrity Chef Of India, Cooking Show Host. “In reality, LEI’s accounts receivable and assets were insufficient to serve as collateral for the line.”. The balance on several accounts receivable reports were “either inflated or entirely fabricated,” he added. All Rights Reserved. The scheme caused the bank to loss approximately $17 million. To find out more about Facebook commenting please read the Conversation Guidelines and FAQs. Defendant RAKESH SETHI ("SETHI") was the Chief Financial Oflicer of LEI. Maywood, The offense carries a maximum sentence of 30 years in prison and a fine of $1 million or twice the gross gain or loss derived from the offense, whichever is greater. READ: Piscataway man sentenced to probation in connection to 'alarming' $3M fraud. File Number: 0400241173: Filing State: New Jersey (NJ) Filing Status: Unknown: Filing Date: July 1, 2008: Company Age: 12 Years, 3 Months: Principal Address: Rockaway, NJ 07866: Sponsored Links. Rajendra Kankariya was charged by complaint with one count of conspiracy to commit wire fraud affecting a financial institution. c. LEI was a wholesale distributor of marble and granite with offices in Elmwood Park, New Jersey and India, among other places. | Stile, Election results show New Jersey’s suburbs are getting bluer, Paterson awaits tally of City Council votes, Fulop talks Saleh win, arts & culture trust fund, legal weed, and Biden vs. Trump, Possible Murphy 2021 challengers make the most of 2020’s final hours, © Copyright 2018 InsiderNJ.

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