Massive COVID Tax Credit Fraud Scheme Uncovered, Seven Charged
Submitted by MAGA
Posted 15 hours ago
**Fraudulent Scheme Uncovered: Seven Charged in Massive COVID Tax Credit Fraud**
In a shocking revelation, authorities have charged seven individuals in what is being termed the largest COVID-19 tax credit fraud scheme in the nation’s history.
The group is accused of attempting to siphon hundreds of millions of dollars by falsely claiming pandemic-era benefits linked to the Employee Retention Credit (ERC).
The ERC was designed to incentivize businesses to maintain their workforce during the economic turmoil caused by the pandemic.
According to the U.S. Department of Justice, the defendants filed over 8,000 fraudulent employment tax returns, claiming credits that far exceeded legitimate earnings.
This brazen scheme, which reportedly operated from a credit repair business in New York, also included false applications for loans under the Paycheck Protection Program (PPP).
The fraudulent filings allegedly included claims for tax relief funding from the ERC and a reimbursement program for employees unable to work due to COVID-19.
Among the charges leveled against the group are wire fraud, conspiracy to defraud the United States, and preparation of false tax returns.
Despite the program's intention to support struggling businesses, these individuals exploited the system, allegedly netting $45 million from a claimed total of $600 million.
Officials have linked this scheme to a broader pattern of fraud that has taken advantage of taxpayer-funded relief efforts aimed at supporting American workers and small businesses during the pandemic.
With nearly 700 new investigations into COVID-related fraud opened in the past year alone, efforts to recover taxpayer dollars from these criminals are ramping up.
As reported by CI Chief Guy Ficco, these fraud investigations collectively point to an estimated $5 billion in potential fraud losses.
Republican legislators are emphasizing the critical need for accountability and rigorous oversight, especially as the nation grapples with a staggering $36 trillion debt.
Efforts are underway to extend the authorization of the Special Inspector General for Pandemic Recovery, an initiative tasked with tracking the nearly $200 billion in potential fraudulent funds.
In the wake of these developments, it is clear that oversight of government programs must remain vigilant to protect the interests of taxpayers and ensure that relief funds are used as intended.
Sources:
rairfoundation.com
townhall.com
theepochtimes.com
In a shocking revelation, authorities have charged seven individuals in what is being termed the largest COVID-19 tax credit fraud scheme in the nation’s history.
The group is accused of attempting to siphon hundreds of millions of dollars by falsely claiming pandemic-era benefits linked to the Employee Retention Credit (ERC).
The ERC was designed to incentivize businesses to maintain their workforce during the economic turmoil caused by the pandemic.
According to the U.S. Department of Justice, the defendants filed over 8,000 fraudulent employment tax returns, claiming credits that far exceeded legitimate earnings.
This brazen scheme, which reportedly operated from a credit repair business in New York, also included false applications for loans under the Paycheck Protection Program (PPP).
The fraudulent filings allegedly included claims for tax relief funding from the ERC and a reimbursement program for employees unable to work due to COVID-19.
Among the charges leveled against the group are wire fraud, conspiracy to defraud the United States, and preparation of false tax returns.
Despite the program's intention to support struggling businesses, these individuals exploited the system, allegedly netting $45 million from a claimed total of $600 million.
Officials have linked this scheme to a broader pattern of fraud that has taken advantage of taxpayer-funded relief efforts aimed at supporting American workers and small businesses during the pandemic.
With nearly 700 new investigations into COVID-related fraud opened in the past year alone, efforts to recover taxpayer dollars from these criminals are ramping up.
As reported by CI Chief Guy Ficco, these fraud investigations collectively point to an estimated $5 billion in potential fraud losses.
Republican legislators are emphasizing the critical need for accountability and rigorous oversight, especially as the nation grapples with a staggering $36 trillion debt.
Efforts are underway to extend the authorization of the Special Inspector General for Pandemic Recovery, an initiative tasked with tracking the nearly $200 billion in potential fraudulent funds.
In the wake of these developments, it is clear that oversight of government programs must remain vigilant to protect the interests of taxpayers and ensure that relief funds are used as intended.
Sources:
rairfoundation.com
townhall.com
theepochtimes.com
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