In the government’s sentencing memorandum, Assistant U.S. Court records show that Ghuman and Khan then falsified those equity payments required of the borrowers. Ghuman and Khan made arrangements for buyers to be financed through American Enterprise Bank, with the loans guaranteed by the SBA if specific criteria were met, including the requirement that buyers contribute a certain amount of personal equity to the deal. The accountant, Shital Mehta, 53, from Elk Grove Village, and AEB loan officer Akash Brahmbhatt, 44, of Spring, Texas also pleaded guilty to bank fraud charges.Īccording to court documents, Ghuman and Khan set up several corporate entities that purchased multiple gas stations in Illinois and other areas in the Midwest, planning to flip them for a higher price. The two conspired with a bank officer inside American Enterprise Bank to submit false application documents for the buyers of their gas station properties, making it easier for them to qualify for bank loans backed by the SBA.Īn accountant also participated in the scheme by providing American Enterprise with fake tax returns to help get more than half of the loan applicants qualified for financing. As part of the scheme, they bought gas station properties and resold the operations to buyers that they knew were not qualified to obtain bank financing for their purchase of the business. Small Business Administration, after the bank discovered it had lost millions on the loans.īetween 20, Charnpal Ghuman, 39, of Palatine, Illinois, and Aga Khan, 39, of Bloomingdale, were in business together as partners in a gas station-flipping scheme. The four defendants were indicted in 2013 for a scheme that defrauded a bank on loans backed by the U.S.

District Court to federal prison time and ordered to pay more than $14.3 million in restitution for their part in a scheme that allowed them to pocket over $40 million in loan proceeds. Four defendants who pleaded guilty to bank fraud charges were sentenced in U.S.

Federal court charnpal ghuman