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.
