SANTA ANA, California — A 44-year-old man from Corona del Mar has been arrested on charges of defrauding a bank out of nearly $100 million by manipulating title policies.
Mahender Makhijani is accused of bank fraud and is expected to make his initial court appearance in the United States District Court in Santa Ana, according to a press release from the United States Attorney’s Office. “When criminals are allowed to deceive lenders, the spillover effects can harm consumers and businesses,” said First Assistant United States Attorney Bill Essayli. The arrest underscores the office’s commitment to combating threats to the banking system.
The scheme allegedly involved falsifying title insurance records to make collateral appear more valuable, misleading a federally insured bank, according to Darren Lian, Acting Special Agent in Charge of IRS Criminal Investigation’s Los Angeles Field Office. “Our special agents followed the money through layered transfers and disguised accounts, uncovering a scheme designed to deceive at every turn,” Lian stated…