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Cops in LA arrest 14 suspects over $25m Covid loan fraud

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Los Angeles police arrested 14 suspects for their alleged involvement in a 25 million USD COVID-19 loan fraud scheme.

The offenders, including residents of San Fernando Valley and Glendale, were charged following two federal criminal complaints.

Footage shows officials apprehending the individuals and escorting them into a vehicle on May 28.

Authorities allege the defendants fraudulently obtained more than $25 million in taxpayer-funded aid intended to support small businesses and individuals during the pandemic.

The charges include conspiracy to defraud the government, making false claims, wire fraud, bank fraud, conspiracy to launder money, laundering monetary instruments, conducting financial transactions derived from illegal activity, and structuring transactions to evade reporting requirements.

A multiagency task force led by Immigration and Customs Enforcement (ICE) conducted the investigation.

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