2 New Jersey Men Charged In $10M Bank Fraud Scheme
BALTIMORE (AP) — Two New Jersey men have been charged in Maryland with participating in a bank fraud scheme that led to more than $10 million in losses from hundreds of credit and debit card transactions, authorities said Monday.
Federal prosecutors in Baltimore said the fraud involved 76 businesses, including two associated with Dogar Singh, 67, of Carteret, New Jersey; and Rehan Afridi, 36, of West Deptford, New Jersey.
Singh and Afridi were charged with conspiracy to commit bank fraud in a criminal complaint that was unsealed when they made their initial court appearances on Monday in New Jersey. U.S. Magistrate Judge Lois Goodman agreed to release them while they await trial. Singh and Afridi are scheduled to make their initial court appearances in Maryland on July 15. Federal online court records don't list an attorney for either man.
The conspiracy charge carries a maximum sentence of 30 years in prison.
BBQ Tonite and Al Madina Kabob, two restaurants associated with Singh and Afridi, are among dozens of businesses in Maryland, Michigan, New York, New Jersey and Virginia linked to the scheme to make debit and credit card transactions, according to a news release. Prosecutors said the loss associated with Al Madina Kabob alone is approximately $470,000.
Last year, prosecutors said, Singh and Afridi opened bank accounts that received $776,900 in deposits from Al Madina Kabob that the bank ultimately rejected as fraudulent. But the two men withdrew or transferred approximately $232,000 before the funds were returned, according to prosecutors.
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