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Updated · Bloomberg · Jun 11US Charges Mahender Makhijani in $100 Million Bank Fraud Case
3 articles · Updated · Bloomberg · Jun 11Summary
- Mahender Makhijani, 44, was criminally charged Wednesday in Los Angeles with bank fraud tied to nearly $100 million in loans.
- Prosecutors said the California real estate investor allegedly falsified documents to obtain a loan, according to a statement from the US attorney.
- The charge marks the latest fallout from a commercial property portfolio that stirred credit concerns at several banks last year.
- Western Alliance Bancorp had previously accused Makhijani's firm of an almost $100 million fraud linked to that portfolio.
Insights
Beyond fake documents, did a culture of blackmail and intimidation allow a tycoon to defraud a major bank of nearly $100 million? As AI forges perfect loan documents, are banks prepared for the next wave of nine-figure real estate frauds?