US freight services company owner faces fraud charges
THE owner of US-based online freight services company, FreightGuru
THE owner of US-based online freight services company, FreightGuru.com LLC, Kamlesh Pardasani, has been arrested on suspicion of orchestrating an investment scheme, according to US prosecutors.
Mr Pardasani, aged 49, appeared in federal court in North Carolina on January 7 on charges of defrauding at least five investors of more than US$800,000.
A June 2018 indictment against Mr Pardasani was unsealed in November 2019 after he was arrested at Philadelphia International Airport upon entering the US from India, according to the US attorney's office.
The alleged scheme is alleged to have taken place from August 2016 to June 2017. Mr Pardasani 'falsely represented that he would use the investors' money to fund a specific shipment of goods, and that, once the shipment cleared, the victims' return rate on their initial investment would be between 15 per cent and 20 per cent,' according to prosecutors.
The indictment also alleges that Mr Pardasani lied to victims by 'falsely assuring them that their funds were secure and safe, when in fact he used the victims' money to fund his lifestyle, pay off personal creditors, and to engage in high-risk securities trading in his personal trading account.'
After failing to invest the funds as promised, Mr Pardasani continued to make false promises 'to lull victims and provide excuses for failing to return the victims' money.'
A phone number for the Charlotte, North Carolina-based company was disconnected. A blogpost linked to the company's Facebook page stated that 'cheap international shipping and a premium service from America to Europe, Asia, Australia, Canada and beyond is what FreightGuru does best.'
Mr Pardasani is charged with wire fraud and money laundering, which carry maximum prison terms of 20 years and 10 years, respectively, along with fines of $250,000, reports American Shipper.