Iselin, NJ resident Sat Verma (65) was sentenced to one year in prison January 30, 2018 in $200 Million international credit card fraud conspiracy.
Sat Verma previously pleaded guilty to an information charging him with one count of access device fraud.
According to documents filed and statements made in court:
Verma was originally charged in February 2013 as part of a conspiracy to fabricate more than 7,000 false identities to obtain tens of thousands of credit cards. He is one of the last 22 defendants to be sentenced in this scheme.
The scheme involved a three-step process in which the defendants would make up a false identity by creating fraudulent identification documents and a phony credit profile with the major credit bureaus; pump up the credit of the false identity by providing bogus information about that identity’s creditworthiness; then borrow or spend as much as they could without repaying the debts. The scheme caused more than $200 million in confirmed losses to businesses and financial institutions.
The scope of the criminal fraud enterprise required the conspirators to construct an elaborate network of false identities. Across the country, the conspirators maintained more than 1,800 “drop addresses,” including houses, apartments and post office boxes, which they used as the mailing addresses for the false identities.
… Verma admitted he effected transactions with access devices issued to another person.
Besides the one year prison term, Sat Verma of Iselin, NJ was sentenced to three years of supervised release, ordered to forfeit $270,000 and fined $1,000.
Other Credit Card Fraudsters
In addition to Sat Verma, 21 others from New Jersey and New York were charged and awarded prison terms and or fined in the $200 Million international credit card fraud conspiracy.
Indian jewelry store owners Vijay Verma (Iselin, NJ), Vinod Dadlani (Jersey City, NJ) are two of the 21 others charged / sentenced to prison in the $200 Million international credit card fraud conspiracy.
Vijay Verma of Raja Jewelers was sentenced to 14 months in prison and was also ordered to forfeit $451,258.87 along with his co-owner Tarsem Lal (Iselin, NJ).
And, Vinod Dadlani owner of Nikitas Inc, d/b/a Tanishq Jewels on Newark Ave, Jersey City, NJ has been sentenced to 24-months in prison for credit card fraud.