Maple Grove Man Sentenced for PPP Fraud Scheme
MINNEAPOLIS -- A Maple Grove man has been sentenced to five years in prison for fraudulently applying for more than $9.6 million from the U.S. Small Business Administration's Paycheck Protection Program.
According to court documents, 47-year-old Aditya Sharma was the founder and CEO of Crosscode Inc. headquartered in Maple Grove. In November 2019 he was removed as an officer and terminated from the board of directors.
In 2020 he created three separate technology companies. Between April and August of 2020, Sharma applied for 16 loans from 10 different lenders.
The lenders approved three of his PPP applications and deposited nearly $1.8 million into his bank accounts.
However, instead of using the money for permissible business expenses, Sharma used it to pay off unrelated legal debts, fund new business ventures, transfer $14,000 to an account in India, and pay for home improvements including landscaping and a backyard pool. In July he plead guilty.
In addition to jail time, he has been ordered to pay back the money.