Business
Former Essex Holdings chief executive Navin Shankar charged in $30M Fraud
Published


Navin Shankar has been charged for his roles in an alleged $30 million fraud.
SAN FRANCISCO (Diya TV) — Navin Shankar Subramaniam Xavier, former chief executive of Essex Holdings Inc., has been charged in two separate fraud schemes totaling more than $30 million.
According to charging documents, the first scheme involved nearly 100 investors who purportedly purchased interests in sugar transportation and iron ore mining in Chile. The second scheme involved unlawfully obtaining economic development funds from the State of South Carolina, according to the Justice Department.
Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, and George L. Piro, Special Agent in Charge, Federal Bureau of Investigation, made the announcement during a joint press conference Wednesday.
Shankar was charged with wire fraud in the 15-count indictment. He faces a maximum statutory sentence of 20 years in prison for each count and a fine up to $250,000.
From Sept. 2000 through May 2014, Shankar operated Essex Holdings from his office in Miami Gardens, according to the indictment. From there, he raised more than $29 million from nearly 100 investors for supposed investments in sugar transportation and shipping, as well as iron ore mining in Chile.
He used a false financial statement, forged documents, and false promises of fixed rates of return, to induce investors to invest with Essex Holdings. Most of the money was used for purposes other than what was promised, including to support lavish spending by him and his wife for expensive jewelry, luxury vehicles, wedding expenses, and cosmetic surgery. Eventually, Shankar used new investor money to pay old investors in a Ponzi-like fashion before the scheme collapsed.
The second scheme involved Shankar using Essex Holdings to obtain $1.2 million in payments and approximately $1.5 million worth of commercial real estate from the South Carolina Coordinating Council for Economic Development, a division of the South Carolina state government, that was supposed to be used to develop a dilapidated industrial property into a diaper plant and rice packaging facility.
You may like
-
India uses G20 Presidency to elevate Global South and Connect two Continents
-
Canada, India relations disintegrate over Hardeep Singh Nijjar’s unsolved murder
-
TiE announces $25M endowment at SoCal’s 25th anniversary
-
Bucks win 4 straight to claim second NBA Title
-
Bucks Snatch Game 4 Win 109-103, Tie Series 2-2
-
EXCLUSIVE: GOP Senate Candidate Dr. Manny Sethi plans to reopen economy
Advertisement

News17 hours ago
EXCLUSIVE: Dr. Sundar Iyer speaks out on the caste discrimination case that changed his life

News3 days ago
India uses G20 Presidency to elevate Global South and Connect two Continents

News4 days ago
Canada, India relations disintegrate over Hardeep Singh Nijjar’s unsolved murder

News1 month ago
Tesla Appoints Vaibhav Taneja as New CFO After Zachary Kirkhorn’s Exit

News1 month ago
Warner Bros Discovery EMEA President Priya Dogra to depart amid changes

News3 days ago
India uses G20 Presidency to elevate Global South and Connect two Continents

News4 days ago
Canada, India relations disintegrate over Hardeep Singh Nijjar’s unsolved murder

News17 hours ago
EXCLUSIVE: Dr. Sundar Iyer speaks out on the caste discrimination case that changed his life

Bollywood4 months ago
VIDEO: Actor Ali Fazal talks ‘Kandahar’

Basketball1 year ago
India Rising puts forth valiant effort in loss to Boeheim’s Army in TBT

Basketball1 year ago
NBA Commissioner Adam Silver on NBA India’s plans | Diya TV

Bollywood1 year ago
IFFLA celebrates 20 years with a focus to mentor the next generation

Culture2 years ago