According to the Seattle Times,According to a federal court document, a software engineer from China, Baoke Zhang, has been accused of filing a loan application with a target of more than $1.5 million by falsifying corporate information.
According to an indictment filed in Washington's Western District Court, released on Friday,Zhang Baoke, 35, was arrested Friday on charges of Telecom fraud and bank fraud.
Zhang Baoke allegedly submitted multiple loan applications to banks and financial institutions in April to obtain financial guarantees from the small business association (SBA) through the wage guarantee scheme (PPP).
Under the coronavirus assistance, relief and Economic Security Act (cars), the project provides interest free loans to small businesses to pay wages and other expenses.
According to court documents, Zhang Baoke forged information from several information technology companies for his application.In one of the applications, he wrote that his business employs more than 25 people and pays $240000 a month.
In his application, he said his company had been in operation for at least a year, but investigators found that he only applied for a business license for his company in April.
Court documents show that Zhang Baoke's relevant loan application has not been approved.