Bay Area Real Estate Owner Indicted for Fraud & Identity Theft

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By Staff Writer | iSkyCreations - News & Media (ISC News & Media)
Published March 20th, 2024

SAN FRANCISCO – In a significant development for the Bay Area's real estate sector, a federal grand jury has indicted Vikram Srinivasan, 31, of Fremont, on charges of wire fraud and aggravated identity theft. The announcement was made by United States Attorney Ismail J. Ramsey and FBI Special Agent in Charge Robert Tripp, marking a pivotal moment in an ongoing investigation into fraudulent real estate investment activities.

The indictment, which was filed on February 29, 2024, and unsealed today, alleges that Srinivasan, through his operation and partial ownership of Paragon Holdings, LLC, engaged in a deceitful scheme that preyed on individuals looking to invest in San Francisco real estate. One victim, identified only as “R.K.” in the documents, reportedly entrusted Srinivasan with a substantial sum for the purchase of property in San Francisco, only to suspect fraudulent activities later.

Srinivasan is accused of exacerbating the victim's situation by falsely claiming he could recover the invested money. Instead of making good on his promise, he allegedly transferred the funds to his personal account for his own use. The indictment further details how Srinivasan misled the victim with fraudulent documentation, suggesting the involvement of escrow companies that were never actually holding the funds.

The deceit didn't stop there. Srinivasan is said to have solicited an additional $125,000 from the victim, ostensibly to purchase more real estate in Pleasant Hill, using Paragon Holdings as the transaction facilitator. However, it is alleged that no such property transaction took place, and Srinivasan once again diverted the funds for personal gain, providing more fraudulent documents to cover his tracks.

Moreover, the indictment accuses Srinivasan of utilizing the identities of at least two other individuals, referred to only as “B.R.” and “A.S.”, in furtherance of his fraudulent scheme, bringing the total charges against him to one count of wire fraud and two counts of aggravated identity theft.

If convicted, Srinivasan faces up to 20 years in prison for wire fraud, along with a potential $250,000 fine or double the value of the fraudulent scheme's gain or loss. The aggravated identity theft charges carry an additional mandatory two-year prison term each, to be served consecutively with any sentence for the wire fraud charge.

Following his initial court appearance before Chief Magistrate Judge Donna M. Ryu, Srinivasan is slated for a further bail review and proceedings on March 20, 2024, before Magistrate Judge Ryu.

Assistant U.S. Attorney Robert David Rees leads the prosecution, assisted by Katie Turner and Kay Konopaske, based on an exhaustive investigation by the FBI. The case underscores the federal government's commitment to prosecuting fraudulent real estate activities and protecting potential investors from deceitful practices.

For Immediate Release: U.S. Attorney's Office, Northern District of California

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