IRVINE, Calif.—A 35-year-old Orange County man, who is accused of fraudulently obtaining more than $5 million in COVID-19 relief loans on sham companies, agreed to plead guilty to federal criminal charges, a U.S. attorney said in a June 3 statement.
Raghavender Reddy Budamala, of Irvine, confessed to one count of bank fraud and one count of money laundering he allegedly used on stock trading, immigrant investment programs, and real estate assets.
Budamala allegedly used the money to pay for personal expenses, including purchasing a $1.2 million investment property in Eagle Rock, a $600,000 property in Malibu, and a private residence in Irvine, according to the statement….