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The CEO of a Minnesota-based healthcare company has been indicted on charges she defrauded a Florida company in an accounts receivables scam, and also the U.S. government through Payment Protection Program (PPP) loan fraud.

Khemwattie Singh, 52, of Minneapolis, was indicted this week with seven counts of wire fraud relating to her alleged actions as CEO of Global Medical Services.

According to the U.S. Attorney Andrew Luger, Singh entered into an agreement with MD Capital Solutions of Florida, which between June and October 2018 agreed to buy Global Medical Services' accounts receivable (ie. their unpaid invoices) at a discount.

This is known as receivables factoring; where one company buys a second company's accounts receivables at a discount – giving the second company immediate cash – and then claims back the full amount when the invoices are paid.

The attorney's office says that Singh failed to pay over the receivables when they were collected, and lied about receiving them when asked by MD Capital Solutions. 

Instead, she "pocketed the money," wiring more than $5 million to accounts in Morocco and shell companies she controlled, Luger's office claims.

Her company was sued by MD Capital Solutions in September 2019 and shut down as a result, with no employees listed on its payroll anymore.

Despite this, Singh allegedly submitted a claim for a PPP loan at the start of the COVID-19 pandemic, seeking $383,408 despite her company no longer being operational. 

She claimed she had 40 employees and her monthly payroll was $153,363 on average.

She received $296,800 as a result, transferring $116,600 to her own account and using it to pay off some of her mortgage and credit cards.

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