Home Finance Probe finds about $2 Billion in stimulus check fraud

Probe finds about $2 Billion in stimulus check fraud

The IRS is attempting to start cracking down on firms and individuals who committed fraud to acquire stimulus payments nearly two years after they were initially distributed to those who were qualified. After analyzing 660 tax & financial fraud cases, the IRS Criminal Probe (IRS-CI) stated on Wednesday that they would have discovered a sum of $1.8 billion in suspected COVID fraud.

According to the IRS-CI statement, “these instances involved various criminal activities, including obtained illegally loans, credits, and payouts meant for American employees, households, and small companies.” Chairman of the IRS-CI Jim Lee said it’s unfortunate that people attempted to “enjoy the benefits” of the recovery checks during the COVID-19 outbreak and that those who did so will face penalties, reports WWJ.

Opportunities To Prey

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed into law over two years before as a welfare program for Americans facing an unparalleled health emergency. Regrettably, even in moments of crisis, thieves poke their heads out, looking for opportunities to pray on the most defenseless ones.

We’ve assured that offenders who try to defraud CARES Act programs suffer penalties thanks to IRS-CI special agents & our criminal justice partners. The IRS-CI announcement list other examples of persons stealing huge amounts of money in COVID-relief monies, along with a family from the San Fernando Valley who was convicted in November 2021.

As per the IRS-CI statement, the household used accused of stealing and fictional personalities to submit 150 nonlegal applications for COVID-relief monies to the Small Business Admin, based on phony payrolls and tax records, and then used the funds to buy luxury apartments, gold coins, jewelry, designer bags, and more.

100% Success Record

Richard Ayvazyan was condemned to 17 years in jail. Marietta Terabelian, his wife, was sentenced to serve six years in jail. His brother, Artur Ayvazyan, was sentenced to 5 years in jail for their plan, which netted them more than $20 million. According to the IRS-CI statement, prosecution cases that involve COVID-relief fund fraud had a 100% success record.


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