Bollywood impresario gets 7 yrs in prison for mortgage scam

January 31st, 2009 - 2:30 pm ICT by ANI  

Shah Rukh Khan

Washington, January 31 (ANI): A Bollywood film impresario has been sentenced to seven years in prison for mortgage scam.
Vijay K. Taneja, 48-year-old Fairfax County mortgage broker, was sentenced in federal court for defrauding banks of 33 million dollars, and scamming fellow immigrants in the local Indian community with phoney home loans.
The charge against him was that he took phoney home loans in local residents names, and damaged their credit.
In November, he pleaded guilty in U.S. District Court to one count of conspiracy to commit money laundering, which prosecutors said was the largest mortgage fraud case in at least two decades.
“I”m very sorry about my conduct and the embarrassment to my family. I fully except my responsibilities, and I am really very sorry,” the Washington Post quoted him as telling the court in low and halting tones at yesterday’’s sentencing.
Assistant U.S. Attorney Stephen Learned called the sentence significant and fair for what was “a serious matter and a complicated matter.”
Court documents suggest that Taneja worked at several banks before launching his own mortgage company in 1990, and that his early clients were from the close-knit Indian community, many of whom were purchasing their first homes with his help.
His reputation grew when he founded a company called Elite Entertainment that brought glamorous stars such as Shah Rukh Khan and Aishwarya Rai to the United States.
Taneja later began investing in Indian films as well. (ANI)

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