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A former luxury car dealer in Ramsey plead guilty to a wire fraud charge on Wednesday, authorities said.
Afzal Khan, who also goes by Bobby, was taken into custody by FBI agents in the United Arab Emirates and brought back to the country in February after being charged for the fraud which authorities said was committed from 2013-2014.
Khan, 38, plead guilty by video conference to the indictment before U.S. District Judge William J. Martini, U.S. Attorney Craig Carpenito said in a statement.
An arrest warrant was issued for Khan in October 2014 after he defrauded customers and financial institutions while he was the owner of Emporio Motor Group, a car dealership in Ramsey, the statement said.
Bobby Khan in Emporio Motors. (Photo: File/Don Smith/staff photographer)
Khan would get large loans from banks for cars that he never delivered, but the buyer was still responsible for, the U.S. Attorney’s Office said in a statement. Khan also got bank loans for cars that were delivered but that Khan or his dealership did not have the title for.
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As a result, the car buyers were liable for the loans but could not register the cars, the statement said. Khan also would offer to sell cars on consignment but not return any money if the car was sold, the statement said.
Khan admitted that he exposed the bank to a potential loss of at least $550,000, Carpenito said.
According to the statement, Khan could face 20 years in prison and a $250,000 fine, or twice the gain or loss from the offense. He is scheduled to be sentenced on Dec. 17.
Anthony Zurita is a breaking news reporter for NorthJersey.com. For unlimited access to all the major news happening in North Jersey, subscribe here. To get breaking news directly to your inbox, sign up for our newsletter.
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