New York: An Indian-origin man is among six persons charged with carrying out a USD 30 million bank fraud conspiracy and faces up to 30 years in prison if convicted.

Manjeet Bawa, 46, of New York and other co-defendants contracted to buy homes in Nassau and Suffolk Counties from innocent sellers at market prices. The defendants then submitted fraudulent loan applications to the warehouse lenders that nearly doubled the true sales prices of the homes. The defendants also inflated their personal assets and concealed significant liabilities to get loan approval.