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Economic Crimes Unit, Newark

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Bergen, Somerset Businessmen Con Bank Out Of $17 Million, Feds Charge Bergen, Somerset Businessmen Con Bank Out Of $17 Million, Feds Charge
Bergen, Somerset Businessmen Con Bank Out Of $17 Million, Feds Charge A former Bergen County marble and granite wholesaler and his Somerset County partner cooked the books while also posing as customers as part of a $17 million bank fraud, federal authorities allege. A U.S. District Court judge in Newark allowed the release Monday afternoon of Rajendra Kankariya, 61, of Tenafly, who was the now-defunct company’s president, and his chief financial officer, 44-year-old Rakesh Sethi of Basking Ridge, following their arrests by the FBI. Property secured bonds of $500,000 for each of them, U.S. Attorney Craig Carpenito said. Kankariya and Sethi pulled the scam fr…

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by Jerry DeMarco