Indian-American hotel owner sentenced to over 3 years in jail

An Indian-American hotel owner has been sentenced by a US court to over three years in prison and ordered to pay a hefty fine of USD 2.8 million for bank fraud.
Jayesh Dahyabhai Patel, 49, of Tennessee was sentenced by US District Court Judge Leon Jordan, to serve 42 months in federal prison.
Patel was also ordered to pay restitution of USD 2.80 million to a local bank in Tennessee and serve five years of supervised release after he serves his prison term.
Patel was indicted last year and he pleaded guilty to bank fraud. He admitted engaging in a scheme from approximately January 2009 to August 2011 to defraud the Tennessee bank in connection with an application for a loan to his business.

Patel provided false tax returns to induce the bank to issue the loan for the purchase and renovation of a hotel.
Patel further schemed to defraud the bank by providing false invoices to induce the bank to disburse loan funds and by providing additional false tax returns in order to increase the amount of the loan.
As a result of the fraud, the bank suffered losses of USD 2.80 million.