Puerto Rico: Federal officials in Puerto Rico have informed that a man of Indian origin was indicted in a fraud scheme worth $98 million (over Rs 688 crore). He reportedly took advantage of a law designed to attract wealthy investors to the U.S. territory.
The arrested accused has been identified as Gopalkrishna Pai from Texas, a former resident of Puerto Rico.
The 34-count indictment charges Gopalkrishna of being engaged in a scheme, that ran from May 2014 to October 2018, to defraud merchant processors and others by submitting false information and falsified documentation.
U.S. Attorney Rosa Emilia Rodríguez said that the fraudulent scheme disguised his involvement and 116 liability companies formed to facilitate the processing of approximately $98 million in gross revenue in online retail sales.
Pai reportedly owned and operated F9 Advertising LLC (F9), a for profit limited liability company organised in Puerto Rico in May 2014 and registered under the Export Services Act, Puerto Rico Act 20 of 2012. F9 engaged in the online sale of personal care products, including skin creams.
