Two bigwigs from Minnesota are now waist-deep in hot water for cooking up a multimillion-dollar con. Minnesota medical execs Khemwattie Singh and Neeraj Chepuri copped to wire fraud, fessing up to a slick accounts receivable factoring scheme that preyed on a Florida-based investment company, hacking a pretty penny while they were at it, the U.S. Attorney's Office announced.
According to official court documents, Global Medical Services CEO Singh, 53, and CMO Chepuri, 55, struck a deal with MD Capital Solutions to sell the accounts receivable for over $2.6 million. But instead of holding up their end of the bargain, the duo hoodwinked the investment firm, quietly filling their pockets by sending more than $5 million overseas, pretending all the while that the receivables were a bust.
Singh also played fast and loose with the taxman. As the head honcho at Global Medical, she had to make sure Uncle Sam got his due in payroll taxes are being paid. Singh, however, gave the IRS the cold shoulder, failing to file the quarterly returns or forward the taxes withheld from her employees, court skippers revealed.
Sentencing for Singh and Chepuri is on deck for May 7 and 9, 2024, respectively. These guilty pleas come packaged with restitution to the US Small Business Administration over a phony paycheck protection loan. Assistant U.S. Attorneys Robert M. Lewis and Chelsea A. Walker will lead the charge in prosecution.
