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Monday, July 15, 2024 | Back issues
Courthouse News Service Courthouse News Service

Another Indictment in $290M Bank Fraud

MANHATTAN (CN) - Federal prosecutors accused a Colorado man, Shahin Kashanchi, of helping Hassan Nemazee defraud three U.S. banks of $290 million in loans. Nemazee has been accused of defrauding Citibank, Bank of America and HSBC Bank; Kashanchi is accused of creating bogus documents at Nemazee's direction.

Kashanchi, 46, lives in Telluride. If convicted of bank fraud, he faces up to 30 years in prison.

Nemazee, 60, faces a separate indictment accusing him of three counts of bank fraud and aggravated identity theft.

"As of August 2009, Nemazee owed approximately $142 million to BofA and approximately $74.9 million to HSBC," the U.S. Attorney's Office said.

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