IRS-Criminal Investigations Report Reveals Covid Fraud Costs Taxpayers Billions

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IRS-Criminal Investigations Report Reveals Covid Fraud Costs Taxpayers Billions
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IRS Criminal Investigation reports that it has investigated 975 tax and money laundering cases related to Covid fraud, with alleged fraud in these cases totaling $3.2 billion.

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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