A Carlisle man, Durgaprasad Rao, 65, of Telugu origin, has been arrested and charged with wire fraud. He allegedly submitted fraudulent Paycheck Protection Program (PPP) loan applications for several companies he owns.
The PPP provides resources to help small businesses maintain payroll and cover overhead costs. During the COVID-19 pandemic, many individuals, including Rao, allegedly committed fraud to obtain millions in funds.
Rao, owner of Accelerated Engineering, LLC, and Upstream Global Services, Inc., is accused of seeking over $18 million in PPP funds from April 2020 to May 2021.
He allegedly submitted false applications for companies in multiple states, received nearly $7 million for Massachusetts-based companies, and misused the funds on foreign businesses and a luxury condo.
Rao faces two counts of wire fraud, each with a potential 20-year prison sentence, three years of supervised release, and a $250,000 fine. He was arrested and will appear in court in Boston.
The case is part of the COVID-19 Fraud Enforcement Task Force’s efforts to combat pandemic-related fraud.
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