As a result of the IRS-CI investigations, 458 individuals have been indicted for their alleged Covid fraud-related crimes, and 236 individuals have been sentenced to an average of 37 months in federal prison.
for working capital and other ordinary operating expenses for businesses. EIDL Advance funds were awarded to existing COVID-19 EIDL applicants who meet specific criteria and do not need to be repaid. As with PPP loans, IRS-CI has found that scammers have targeted the EIDL program by applying for advances and loans for ineligible, newly-created shell or non-existent businesses and diverting the funds for illegal purposes.
, Mustafa Qadiri, of Irvine, California, was sentenced to 54 months in federal prison in February 2023 for fraudulently obtaining $5 million in Covid-relief loans, which he used to buy Ferrari, Bentley, and Lamborghini cars. He was also fined $20,000 and ordered to pay $2.86 million in restitution.
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