3 Hudson Valley Men Guilty of $2.5 Million Fraud Scheme
3 Hudson Valley men plead guilty to engaging in a $2.5 million fraud involving dozens of fraudulent loans from banks and credit unions across the Northeast.
In Southern District of New York Court, 36-year-old Shairful Mintu, of Montgomery, Binder Tal, and Baldev Tal, both 34-years-old, formally from the Hudson Valley and currently from Oresfield, Pennsylvania pled guilty to conspiring to commit bank fraud.
According to the prosecution, from 2007 until August 2015, the trio, and co-conspirators, illegally obtained over $2.5 million from dozens of loan applications and applications for lines of credit.
The loans were obtained by providing false information about their employment and income. The vast majority of the loans and lines of credit went into default. Millions of dollars were not repaid.
The prosecutions claims the money was used for the guilty parties to enrich themselves and their families. Some of the loaned money was used towards credit card debts, business expenses, and debts rising from other fraudulently obtained loans.
Binder and Baldev Tal will be sentenced on June 1. Mintu is scheduled to be sentenced on July 7. All 3 face a maximum of 30 years in prison.