Tech executive Mukund Mohan accused of $5 million loan fraud

Technology executive Mukund Mohan has been accused of fraudulently applying for small-business loans worth over $5.5 million in the US and transferred some of the money to the Robinhood investment app.

Through the Paycheck Protection Program, Mohan allegedly sought eight loans for six companies, according to a Bloomberg report.

Moneycontrol could not independently verify the report.

Mohan, who is currently the chief technology officer at BuildDirect.com Technologies, has previously worked at Amazon and Microsoft, says his LinkedIn profile.

Mohan and representatives for the companies had not yet responded to Bloomberg's requests for comment.

The Paycheck Protection Program is a US government stimulus intended to provide small businesses some relief during the COVID-19 outbreak.

In one application, Mohan claimed his company had employed dozens of staff and spent over $2.3 million on payrolls in 2019, the report said.

The US Attorney in Washington stated that Mohan had purchased the company only in May, and it had no employees.

The information provided by Robinhood Markets revealed that Mohan transferred $231,000 to the trading app, the report said.