The FBI(Federal Bureau of Investigation) has cracked down that there has been a huge fraud in mortgage funds in United States and it was done by an Indian -American named Vijay K Taneja.It has been reported that Taneja has spent all the money that came from the scam into the Bollywood by producing films and availing the distribution rights.
FBI has said that Taneja has owned a company called financial mortgage Inc.through which he sold out mortgages on residential properties in washington area.He also sold the bad assets to many Indian Americans and they were the victims for this scam.It has been said by this scam Taneja got nearly $33 million.
The Alexandria court has scheduled his sentencing to January 30 and if the conviction on him is proved then he might get 20 years jail term and $5,00,000 levied as fine.
FBI said Taneja accomplished the mortgage fraud scheme by creating fictitious loans with bogus loan closings, selling the same legitimate loan to multiple investors, and pocketing the proceeds generated from refinancing loans, when the bulk of those proceeds were intended to pay off prior mortgages on the same properties
The Assistant US attorney Stephen has said that Taneja has got so much money unaccounted and invested everything in Bollywood films.He also said that he might have much money now has he has invested all those money got from fraud.