Chip Chick
“Relying on this false information, the banks funded the PPP loan applications and transferred approximately $5 million to accounts Qadiri controlled, according to the indictment,” the U.S. Attorney’s Office for the Central District of California explained.
So where did all of that money go? Well, $2 million was still sitting in his bank account, but the rest he blew on luxe vacations and luxury cars, including a Bentley, Ferrari, and Lamborghini.
U.S. Attorney’s Office for the Central District of California; pictured above is the Lamborghini Mustafa purchased with his PPP loans
“Qadiri allegedly used the fraudulently obtained PPP loan proceeds for his own personal benefit, including for expenses prohibited under the requirements of the PPP program, such as the purchase of luxury vehicles, lavish vacations, and the payment of his personal expenses.”
“Federal agents have seized the Ferrari, Bentley and Lamborghini cars that Qadiri allegedly purchased with the fraudulently obtained PPP loans, along with $2 million in alleged ill-gotten gains from his bank account.”
Mustafa was arrested on Friday and charged with four counts of bank fraud, one count of aggravated identity theft, four counts of wire fraud, and six counts of money laundering.
U.S. Attorney’s Office for the Central District of California; pictured above is the Bentley Mustafa purchased with his PPP loans
