Bank Fraud and Money Laundering: Indian Citizen Jaswinder Singh Sentenced to Four Years in Prison

New York: An American court has sentenced Jaswinder Singh, a 45-year-old Indian citizen from Fremont, to four years in prison for bank fraud and money laundering. In April 2022, after a week-long trial at a federal court in Brooklyn, a jury found Singh guilty. The sentencing was carried out in August 2022.

Between November 2017 and December 2019, Singh executed a fraudulent scheme to defraud American Express of over $4.7 million (approximately ₹39 crore). He used ten American Express credit cards under the names of four business entities that he created and controlled. Using these cards, he purchased thousands of Apple iPhones and other Apple products, which he then sold overseas, earning millions of dollars.

To increase his credit limits, Singh misled American Express by claiming he was unable to repay the expenses incurred from the purchases. He carried out numerous financial transactions to conceal the proceeds from these sales.

Singh used the illegally obtained money for personal expenses and luxury purchases, including buying a house in Fremont, California, worth $1.3 million (approximately ₹10.8 crore), and acquiring a luxury vehicle.

In addition to the four-year prison term, the court ordered Singh to pay $4,651,845.08 in restitution to American Express and to forfeit $3,018,602.22.