- Associated Press - Tuesday, March 29, 2016

WHITE PLAINS, N.Y. (AP) - An upstate New York man and two Pennsylvania men have admitted to conspiring to bilk banks out of $2.5 million.

The Times Herald-Record of Middletown reports (https://bit.ly/1XZSZLI ) 36-year-old Shariful Mintu of Montgomery in Orange County, and Binder Tal and Baldev Tal, both 34 and both of Oresfield, Pennsylvania, pleaded guilty Monday in federal court in White Plains to conspiracy to commit bank fraud.

Prosecutors say the men lied about their income in order to secure more than $2.5 million in bogus loans and lines of credit from banks and credit unions between 2007 and August 2015.

Investigators say the men were supposed to use the funds to purchase luxury cars but they instead used the cash to pay off credit card bills, business expenses and other loans in order to hide the fraud.

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Information from: The Times Herald-Record, https://www.th-record.com

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