The man, identified as Vinath Oudomsine, has been charged with wire fraud for lying about possessing a small business just to receive a loan.
In an unusual case, a man from Georgia used the COVID-19 pandemic relief loan to buy a single Pokemon card for $57,789 (which is equivalent to Rs 43,33,915). He had filed a false application to Small Business Administration for Federal coronavirus Relief Aid following which he purchased a Pokemon card.
The man, identified as Vinath Oudomsine, has been charged with wire fraud for lying about possessing a small business just to receive a loan.
For the unversed, in the United States (US), the government has been providing people with relief funds (to small businesses especially) that have been impacted by the pandemic. Through these relief funds, people can bear the running cost expenses of their business, including rent, payrolls, production cost, mortgage, and sick leave.
As per the charges, Oudomsine had made a false statement about the number of employees working at his company. Furthermore, he also falsely presented his company’s yearly income when he had applied for relief aid through CARES ACT in July 2020.
After he applied for the relief in July, the Small Business Administration credited a total amount of $85,000 (equivalent to Rs 63,74,617) in the same month to his account. On receiving the huge amount, Oudomsine allegedly used a major part of the relief aid to buy a single Pokemon card as per the Federal prosecutors.
So far, there is no clarification on which Pokemon card Oudomsine allegedly bought with the federal funds. But they only mentioned that he bought a rare one which could make thousands of dollars on selling it back in the market.
Currently, the defense lawyers have issued a statement declining the issue, according to reports.
Meanwhile, experts state that if Oudomsine gets convicted by the court then he may land in prison for 20 long years along with a whopping fine of $250,000.