Three Indian Americans charged with money laundering

US authorities have charged three Indian Americans with a $2.5-million bank fraud and money laundering, media reports said.

Binder Tal (33), Baldev Tal (32) and Shariful Mintu (36) were alleged to have fraudulently obtained loans and lines of credit from banks, credit unions and other lending institutions by providing false information to the lenders about their assets, the official website of the United States department of justice said.

Baldev Tal was arrested in Orefield, Pennsylvania while Mintu was arrested in Orange County, New York. Binder Tal remains at large.

"For years, banks, credit unions, and small businesses have lost millions of dollars because of the fraud allegedly perpetrated by the defendants in this case," said Preet Bharara, the US Attorney for the southern district of New York.

Through their scheme, the three fraudulently obtained over $2.5 million.

If convicted, the trio may get a maximum sentence of 30 years in prison on the charge of conspiring to commit bank fraud and a maximum sentence of 20 years on the charge of conspiring to commit money laundering.