A Sacramento man, Akash Kumar Singh, 48, has been accused of defrauding over $3 million from COVID-19 relief funds. According to the U.S. Attorney's Office, Singh allegedly submitted false loan applications to the Paycheck Protection Program for a business called Kryptoblocks. Acting U.S. Attorney Michele Beckwith announced the charges.
The FBI and IRS Criminal Investigation found that Singh falsely claimed his company, Kryptoblocks, made significant revenue and paid large wages in 2019 and 2020. However, records showed the company had little to no business activity and no employees in the United States during that time. Singh has been indicted on four counts of bank fraud and three counts of money laundering. Assistant U.S. Attorney Sam Stefanki is leading the prosecution. If convicted, Singh could face a fine and up to 30 years in prison. He remains innocent until proven guilty, as reported by the U.S. Attorney's Office.
The U.S. Department of Justice’s California COVID-19 Fraud Enforcement Strike Force is investigating Singh for allegedly defrauding pandemic relief programs. The strike force targets large fraud schemes by criminal groups and uses data analytics to trace stolen funds meant for small businesses affected by the pandemic. An unsealed indictment outlines Singh’s alleged involvement, with the case now moving to court, as stated by the U.S. Attorney's Office.
