Home Scam/Fraud OC man fraudulently obtained $5 milllion in PPP loans, bought Bentley, other...

OC man fraudulently obtained $5 milllion in PPP loans, bought Bentley, other cars, federal officials allege — Scam Guards

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IRVINE, Calif. (KABC) — An Irvine man allegedly obtained about $5 million in federal coronavirus-relief loans for his fake businesses and then spent the funds on himself, including buying Ferrari, Bentley and Lamborghini sports cars, according to federal authorities.

Mustafa Qadiri, 38, of Irvine, was arrested Friday for the alleged scheme involving the federal Payment Protection Program, which was passed last year to help small businesses struggling during the COVID-19 pandemic.

A federal grand jury indictment that was returned Wednesday charges Qadiri with four counts of bank fraud, four counts of wire fraud, one count of aggravated identity theft, and six counts of money laundering, according to the U.S. Attorney’s Office.

Qadiri surrendered to law enforcement and was expected to make his initial appearance Friday afternoon in Santa Ana federal court.

The federal indictment alleges Qadiri claimed to have owned four companies…

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