Vikas Mehta Indicted on Theft and First-Degree Money Laundering

Vikas Mehta, an Indian origin hotel manager from Cliffside Park, NJ was indicted March 9, 2017 for allegedly stealing more than $1 million from his employer.

Vikas Mehta, NJ

The grandjury indictment against Vikas Mehta (43) included charges of theft, first-degree money laundering, identity theft, theft by unlawful taking, and forgery for allegedly stealing four checks in amounts of $600,000, $100,000, $185,000, and $205,385 from his employer at Fairbridge (formerly Ramada) Inn in Wayne, NJ.

According to the court documents:

Mehta used some of the stolen proceeds to purchase real estate in Englewood Cliffs, which he later sold at a profit. He transferred other monies to various accounts belonging primarily to him and his corporation, NGCS, LLC.

…Mehta worked in a Wayne hotel owned by a Long Island businessman and learned that his boss owned a $600,000 annuity with Prudential Insurance Company (Prudential). Insurance. Between January and February of 2013 Mehta allegedly used his boss’s personal information to arrange to have the annuity cashed out via the phone and have the check delivered by Fed Ex to a place where he could intercept it. He allegedly deposited the check into his own account and then disbursed the proceeds into accounts that were closed a short time later. His boss discovered the loss much later and reported it to Prudential. Prudential referred the matter to OIFP in December 2015.

OIFP detectives working on the case uncovered several other large sums of money Mehta allegedly stole from his boss. In April 2013 allegedly arranged for two payments to be released from an IRA account held by his boss with Securities America, Inc, one in the amount of $100,000, the other in the amount of $185,000. In both instances, Mehta allegedly forged IRA Distribution Forms for the payments, which were made by wire transfers into a Bank of New Jersey corporate account belonging to Mehta. According to the charges, in July 2013 Mehta stole a $205,385 check issued by American Security Insurance Company to settle an insurance claim Mehta’s boss made on a rental home that burned down. Mehta’s boss’s wife had endorsed the check and given it Mehta to obtain the additional endorsement from the mortgage company that held the lien on the home so the funds would be available to repair the house. Instead Mehta allegedly endorsed the lien holder’s signature and deposited the check into an NGCS LLC corporate account with Chase Bank.

If convicted, Vikas Mehta could face both prison time and a hefty sum of fine for allegedly stealing more than $1 Million from his boss’s retirement savings.

The First degree charges of money laundering carry a sentence of 10 to 20 years in state prison and a fine of up to $500,000.

The second-degree crimes of identity theft and four counts of theft by unlawful taking carry a sentence of five to 10 years in state prison and a criminal fine of up to $150,000.

The third & fourth-degree crimes of forgery carry a sentence of three to five years in state prison and a criminal fine of up to $15,000.

The indictment is merely an accusation and Vikas Mehta is presumed innocent until proven guilty.

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