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Lotus Exim International Inc.

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Former Tenafly Marble, Granite Company Prez Admits Conning Bank Out Of $17 Million Former Tenafly Marble, Granite Company Prez Admits Conning Bank Out Of $17 Million
Former Tenafly Marble, Granite Company Prez Admits Conning Bank Out Of $17 Million A former marble and granite wholesaler from Tenafly admitted in federal court on Tuesday that he cooked the books, among other deceits, in a $17 million bank fraud. Rajendra Kankariya, 61, pleaded guilty by videoconference via teleconference to his role in the scheme, during which the government said accomplices posed as customers to secure a $17 million line of credit that his company defaulted on. Kankariya was president and part owner of Lotus Exim International Inc. (LEI), which fraudulently got the line of credit and then had it extended by fabricating or inflating many of the accounts…

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by Jerry DeMarco
Police & Fire
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