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14 People Charged In $25 Million COVID Relief, Small Business Loan Fraud Scheme
2025-06-01
146 words
1 min read
14 People Charged In $25 Million COVID Relief, Small Business Loan Fraud Scheme
Fourteen people were arrested on May 28 for allegedly being involved in a scheme to fraudulently obtain over $25 million in COVID-19 relief funds and federally guaranteed small business loans, according to the Department of Justice
The individuals are among the 18 people charged in connection with the case. Four who have not yet been arrested are currently believed to be in Armenia, the DOJ said in a statement.
Among those arrested was Vahe Margaryan, 42, who allegedly instructed “owners of sham companies” to open bank accounts and fabricate documents to support loan applications used to purchase other fake businesses.
Prosecutors alleged that Margaryan orchestrated the scheme from 2018 to January 2025 and paid for tax returns that falsely claimed millions in revenue and tens of thousands in taxes owed.
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