rakesh sethi nj
The scheme involved numerous fraudulent accounts receivable where the outstanding balances were either inflated or entirely fabricated. The government is represented by Assistant U.S. Attorney Sammi Malek of the U.S. Attorney’s Office Economic Crimes Unit in Newark. Rakesh Sethi, 44, the chief financial officer of the now-defunct Lotus Exim International Inc. (LEI) of Elmwood Park, has been charged with one count of conspiracy to commit wire fraud affecting a financial institution. 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. The scheme caused the bank to loss approximately $17 million. 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. 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. 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. 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. All Rights Reserved. You must be logged in to post a comment 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. Bridgewater Courier News. To find out more about Facebook commenting please read the Conversation Guidelines and FAQs. Review. 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. Rochelle Park & According to the case documents and court statements: 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. Staff Writer Mike Deak: 908-243-6607; mdeak@mycentraljersey.com. What’s next? 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. View Rakesh Sethi’s profile on LinkedIn, the world’s largest professional community. “The line of credit was to be secured by LEI’s accounts receivable and assets,” the U.S. attorney said. A link has been sent to your friend's email address. Carpenito credited special agents of the FBI with the investigation that led to the the charges, which are being handled by Assistant U.S. Attorney Sammi Malek of his Economic Crimes Unit in Newark. 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