Vinod Dadlani receives Prison Sentence for $200M Credit Card Fraud

TRENTON, N.J. (Diya TV) — A man who used a New Jersey jewelry store to create more than 7,000 false identities and fraudulently obtain tens of thousands of credit cards was sentenced this week to a prison term of two years for his offenses.

Vinod Dadlani, who was first indicted for his schemes in 2013, masterminded one of the richest frauds ever charged by the Justice Department and caused more than $200 million in losses to businesses and financial institutions.

He pleaded guilty in 2014 to one count of conspiracy to commit bank fraud. His crime was part of a larger fraud operation in which a total of 19 people have admitted involvement, U.S. Attorney Paul Fishman said. According to documents and statements made in court, Dadlani created false identities by making fraudulent IDs and phony credit profiles with major credit bureaus.

They then inflated that credit by submitting bogus information and borrowed or spent as much money as they could without repaying the debt.

Fishman said Dadlani admitted in court that he let conspirators who came to his jewelry store swipe cards he knew did not actually belong to them. Dadlani then split the proceeds of those transactions with the conspirators.

In addition to the prison time, U.S. Judge Anne Thompson also sentenced Dadlani to two years of supervised release and ordered him to forfeit $411,000.