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Khan, 33, defrauded customers of and lenders to Emporio Motor Group in Ramsey from at least December 2013 through September 2014, obtaining loans for vehicles he had no title for — among them, Rolls Royces, Lamborghinis, Porsches — and selling them on consignment without paying the owners, U.S. Attorney Paul Fishman said.
“As part of his scheme, Khan obtained loans from the auto finance division of a large bank for cars that he never delivered, but for which the purchaser was still responsible,” the U.S. Attorney said. “Khan also obtained loans for cars that neither he nor Emporio had the title.
“As a result, the purchasers of these cars were still liable for the loan but could not register them,” he added. “In addition, Khan offered to sell cars for individuals on consignment but thereafter did not return the cars or provide any money to the purchaser from the sale.
“Altogether, Kahn fraudulently obtained 21 loans totaling more than $1.7 million,” Fishman said.
Agents with the Federal Bureau of Investigation Newark Division obtained an arrest warrant last October in U.S. District Court in Newark on wire fraud charges against Khan, of Egg Harbor Township in Atlantic County.
The bureau offered a $20,000 reward in March for information leading to his arrest.
IMAGES: Courtesy FBI Newark Division
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