On June 15, 2020, in the Northern District of Illinois, Rahul Shah was charged with bank fraud and false statements to a financial institution in connection with the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

According to the court documents, Shah owned N2N Holdings, a company operating under the name Boardshare in Evanston, Illinois. On or about April 30, 2020, a financial institution in Pittsburgh, Pennsylvania, received a loan application seeking $441,138 under the Paycheck Protection Program (PPP). The PPP is authorized under the CARES Act to provide forgivable loans to small businesses for job retention and certain other expenses. The loan application for N2N Holdings included falsified Internal Revenue Service (IRS) documents purporting to show employee and payroll amounts. Shah reported that his business had 10 employees and an average monthly payroll of $176,455.

A review of the IRS records determined that the IRS forms and documents Shah submitted regarding N2N Holdings contained false information, and the average payroll for N2N Holdings was lower than Shah claimed. Alleged employees of N2N Holdings were interviewed and they denied working for, or receiving compensation from N2N Holdings. In addition, during an interview with TIGTA and FBI agents, Shah admitted knowing that there were "errors" in the documentation submitted for the N2N Holdings loan application. He also admitted to preparing false IRS documents in support of the loan application.

If convicted, Shah could face a fine of over $1 million dollars, and more than 30 years' imprisonment.

Source:  The facts in this case narrative come from the following publicly available document: N.D.Ill., Crim. Comp., filed Jun. 15, 2020.