Businessman charged with trying to hide bank deposits
By Caitlin Davis, Senior Staff Writer
May 13, 2013, 13:15
On April 23, Inderjit Singh, 56, who owned and operated MGI Fuel Express in Hopewell, pleaded not guilty to trying to structure over $2 million in cash to avoid government reporting requirements.
Singh, formerly of Chester, and who now lives in New Jersey, owned the convenient store and gas station on Oaklawn Boulevard in Hopewell.
Court records indicate that from Jan. 1, 2010, to April 5, 2011, Singh made multiple cash deposits, causing the bank not to file a currency transaction report. The government requires banks to report to the Internal Revenue Service, cash transactions of $10,000 or more.
Documents say Singh structured his deposits to be less than $10,000 at both BB&T and the Bank of McKenney.
Singh is charged with three counts of structuring payments and one count of attempting to cause a financial institution to fail to file a currency transaction report. He is not being held in prison, but has been forced to surrender his passport. He will face a trial by jury on June 18 in U.S. District Court in Richmond.
If he is found guilty, Singh could face having to turn over more than $2 million, the amount he structured.