A Beaumont engineer has been charged with COVID relief fraud. 30-year old Shashank
Rai allegedly sought millions of dollars of forgivable loans guaranteed by the SBA from
two different banks by claiming to have 250 employees earning wages when, in fact, no
employee worked for his purported business. Rai allegedly sought approximately $3 million
in PPP loan proceeds for an average monthly payroll of $1.2 million. Last month, congress
authorized over $300 billion in PPP funding.