&imwidth=800&imheight=600&format=webp&quality=medium "Bentley, private jets and mansions: Who is Mahender Makhijani, Indian businessman accused of $100 mn bank fraud?")
US authorities have arrested California-based businessman Mahender Makhijani in Southern California over allegations of conning banks out of nearly $100 million. Professionally, he operated Newport Beach-based Cantor Group V LLC, which would help take out high-value loans, backed by commercial real estate.
“Mahender Makhijani, 44, a lawful permanent resident from India living in Corona del Mar [California], was arrested this morning on a federal criminal complaint charging him with defrauding a bank out of nearly $100 million,” wrote first assistant US attorney for the Central District of California, Bill Essayli, in a post on Social media
Why was Makhijani arrested?
Federal prosecutors allege that Makhijani manipulated title insurance documents to make it appear that his company had a stronger hold on the collateral than it actually had, thus funnelling millions of dollars. He used digital software to alter the property title in insurance documents and metadata before submitting, while also providing misleading information during calls and in spreadsheets. The alleged scam involved concealed lien position, shell companies and deceptive financial transactions designed to mislead the lender.
“Makhijani has significant financial resources, but the government has not fully traced and accounted for those resources, which are almost certainly not held in Makhijani’s name,” the complaint states.
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Extravagant Life of Makhijani
Makhijani led a luxurious life; he wore designer clothes, travelled in private jets, owned luxury vehicles including a Bentley, Porsche and Mercedes G-Wagon. He owned two neighbouring mansions in Corona del Mar. According to a New York Post report, he was accused of hosting exclusive parties involving drugs and sex workers to extort people, like business partners, associates and employees.
Pattern of threat and intimidation
Apart from the arrest, Makhijani is also involved in another legal battle where he is liable for paying $1.3 billion in damages in connection with his real-estate dealings with Laguna Beach businessman Mohammad Honarkar. Court documents also allege that Makhijani used threats, violence and intimidation to gain leverage over rivals. He has also been accused of using armed associates to seize hotels and restaurants in California. However, all of these allegations remain unproven; he might be looking at a 30-year sentence if proven guilty in a 30-year case.
