He wrote a book on ‘Black Money’, Feds tracked his $900K loan fraud: Indian-origin accountant jailed in Texas, investigator says ‘I can only imagine his shock…’
An Indian-origin accountant who even has a motivational book published under his name has been sentenced to 41 months in prison for money laundering and bank fraud that undermined the Paycheck Protection Program of the US government. 47-year-old Arun Mago laundered $150,000 in cash between October 2023 and July 2024, knowing well that the money was proceeds of cocaine distribution. The investigation revealed that he also engaged in repeated loan fraud during the Covid-19 pandemic. “From about April 4 to Nov. 23, 2021, Mago applied for and received several fraudulent PPP loans and Economic Injury Disaster Loans (EIDL) for several business entities totaling nearly $1 million. Bank records revealed that Mago transferred the funds into his personal bank account and used them for multiple real estate purchases,” the court documents revealed.
Mago thought he was an expert fraudster…
“Arun Mago not only defrauded the United States government during the chaotic Covid-19 pandemic but continued down his criminal path to launder a substantial amount drug money,” said US Attorney Simmons. “Mago thought that he was untouchable and an expert fraudster, but now he knows otherwise. The Trump Administration has prioritized prosecuting fraudsters who steal from the American people, and the Western District of Texas has, once again, met that mission. This office and our federal law enforcement partners will always hold accountable those who steal from the American taxpayer and undermine our federal programs.”
‘I can only imagine his shock…’: Special agent speaks up
Special Agent in charge Christopher J Altemus Jr, of IRS Criminal Investigation’s Texas Field Office, said that in his book Mago named a chapter ‘Black Money’ and claimed that money laundering and tax evasion schemes were unraceable. “I can only imagine his shock when we traced his more than $900,000 of COVID loan fraud and also got him on money laundering charges in an undercover operation,” he said.“Money always leaves a trace and criminals always think they are smarter than law enforcement. You can earn certifications, you can write books, but, when you break the law, we write the final chapter by taking your money and your freedom.”In addition to the imprisonment, US District Judge Robert Pitman ordered Mago to pay over $900,000 in restitution and a $250,000 fine.
Who is Arun Mago?
According to the bio of his book, Arun Mago is a certified public accountant and chartered accountant currently running his own practice. The bio added that he enjoys motivating people and has done some public seminars and motivational speaking in the past. He wants to bring out the best in people, it added.On his academic records, it says Mago had completed his graduation from Delhi University in 1999 and then chartered accountancy from ICAI, New Delhi, in 2001-02. After completing his graduation and professional certification, he pursued his career as a Chartered Accountant with accounting firms and also worked in the corporate world. He moved to the US in 2003 and pursued further studies as a CPA and worked as well. Since 2010, he has been running his practice in Texas.
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