A US federal grand jury in Brooklyn, New York yesterday returned an indictment charging Guyanese businessman Edul Ahmad with participating in a mortgage fraud scheme in which he and others fraudulently obtained more than US$50 million in loans.
The indictment alleges that Ahmad conspired to defraud financial institutions, including Bank of New York, JP Morgan Chase, Citibank, N.A., Countrywide Financial, Flushing Savings Bank, Fremont Investment and Loan, HSBC Bank USA, N.A., IndyMac Bank, One West Bank, U.S. Bank, and Wells Fargo & Company, and wholesale mortgage lenders, including New Century Mortgage Corporation and Ocwen Financial Corporation. Ahmad is charged with one count of conspiracy to commit bank and wire fraud
