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Khan admitted in federal court last week that he’d defrauded dozens of customers and lenders out of $1.5 million while he was the owner of Emporio Motor Group on Route 17 in Ramsey.
The Scottish-born Khan, of Egg Harbor, obtained loans for vehicles that he had no title for — among them, Rolls Royces, Lamborghinis, Porsches — and sold them on consignment without paying the owners, an indictment returned by a federal grand jury had charged.
Khan, 38, was on the FBI Newark Field Office’s 'Most Wanted' list when he surrendered at the U.S. Embassy in the United Arab Emirates in January. He then waived extradition.
U.S. District Judge William J. Martini scheduled a Dec. 17 sentencing hearing after Khan pleaded guilty via videoconference last week to federal wire fraud charges.
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, U.S. Attorney Craig Carpenito said.
Khan, who was indicted by a federal grand jury in Newark in June 2015, also obtained loans for cars that neither he nor Emporio had the title to, Carpenito said.
Buyer were still liable for the loan but couldn't register the vehicles, the U.S. attorney said.
SEE: Federal grand jury indicts fugitive former Ramsey luxury car dealer Afzal ‘Bobby’ Khan
Carpenito credited special agents of the FBI’s Newark Division for the investigation leading to Khan’s plea, secured by Assistant U.S. Attorney Andrew Kogan of his Cybercrime Unit in Newark. The U.S. attorney also thanked the Bergen County Prosecutor’s Office and the Ramsey police for their assistance.
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