Pushpesh Kumar Baid, also known as “PK Jain,” was sentenced to 20 years in prison for defrauding investors through two fraudulent businesses: Tradepay Capital LLC and Luxestreet, Inc. According to the U.S. Attorney’s Office for the Eastern District of New York, Baid pleaded guilty to conspiracy to commit wire fraud. He was also ordered to pay more than $35 million in restitution and forfeit approximately $2.6 million.
From April 2017 to October 2019, Baid operated primarily out of Miami. Through Tradepay Capital, he falsely claimed to run a factoring business by selling fabricated invoices that appeared to represent legitimate transactions. Investors initially received payments, but the scheme collapsed when payments stopped, resulting in losses estimated at $35 million.
Baid also operated Luxestreet, Inc., which he presented as a luxury goods pawn shop. The business was fraudulent and involved fake websites, forged contracts, and counterfeit luxury items, including watches. Investor funds from both schemes were routed through multiple bank accounts and used for personal expenses such as luxury vehicles and high-end goods…