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Krishen Iyer, a 36-year-old Fresno resident, entered a guilty plea to planning to launder money. the US Attorney confirmed that Iyer entered a guilty plea.
Krishen Iyer, whose ownership of various insurance sales and brokerage enterprises was disclosed in court records, was based in Fresno. The case centers on a conspiracy between Krishen Iyer and a person going by the name of S.V. who was engaged in marijuana trafficking. The conspiracy planned to use Iyer’s company, Health Shield, to launder the money from S.V.’s unlawful narcotics dealing.
The scheme operated in the following way: S.V., the marijuana dealer, would pay Krishen Iyer’s company, Health Shield, with money obtained from his drug dealing activities. The money would then be reimbursed to S.V. by Health Shield, but it would be done so under the pretext of genuine wage payments. Iyer gave S.V. two Form 1099s to give the impression of validity, falsely stating that Health Shield had given S.V. a sizable income in the amounts of $111,952 in 2013 and $164,000 in 2014. S.V. had not, however, received payment from the business for those sums. Iyer was paid a commission by S.V. for aiding in this money laundering scheme.
Several law enforcement organizations, including the Drug Enforcement Administration (DEA), the IRS Criminal Investigation, and the Fresno Police Department, investigated this case. The case was prosecuted by Assistant United States Attorneys Grant B. Rabenn and Jeffrey A. Spivak.
Judge Dale A. Drozd was supposed to sentence Krishen Sauble Iyer on April 24, 2017, at 10:00. He faced charges that may result in a $5000 fine and a maximum prison sentence of 20 years. The exact sentence, however, would be decided by the court in its discretion, taking into account several variables, including statutory guidelines and pertinent considerations.
About Krishen Iyer
From San Diego State University, Krishen Iyer earned a Bachelor of Arts in Public Administration and Urban Planning. After graduation, though, his career path changed to focus on insurance sales. Krishen Iyer’s later endeavours have been clouded by controversy, despite the fact that he oversaw well-known brands and increased traffic for third-party insurance distribution companies.
Krishen Iyer has been affiliated with several businesses throughout the course of his 20 years in the sector, including Name My Premium (NMP) and Managed Business Services. The specifics of his operations raise questions notwithstanding his claims of success. Although Managed Business Services, founded in 2009, claimed to offer insurance services, its financial performance seemed dubious. According to the company’s 2014 annual report, its sales increased by an astonishing 236%, or over $4.3 million. The veracity of these numbers, however, casts doubt on the veracity of the purported results.
Krishen Iyer portfolio also included Managed Benefits Services, which identified itself as a marketing and consulting business specializing in health insurance. Despite these assertions, the services it really offered and the value it delivered were unclear.
A new level of uncertainty has been added to Krishen Iyer’s company procedures with his recent decision to sell Managed Benefits Services. The veracity of his skill in seeing market openings and gaps is called into doubt by his transfer to the MAIS Consulting firm, which purports to offer full consulting services to business owners. Given the lack of accountability and openness seen in his other endeavors, the firm’s claims to offer workable project plans, timetables, and cost evaluations may be deceptive.
Additionally, the expertise and credibility needed for such important company operations may not be present in the services offered by MAIS Consulting, such as the design of corporate rules and bylaws, contract negotiations, and marketing.
It is possible to consider Krishen Iyer’s corporate simplicity concept as an oversimplification of intricate company strategy and decision-making procedures. This strategy could neglect the complex nature of contemporary business settings and fall short of addressing the numerous difficulties that businesses encounter.
Krishen Iyer’s professional record essentially seems to be characterized by dubious financial performance, confusing services, and a lack of openness, which raises questions about his alleged economic success and skills.
Stop it from happening
Financial crimes are extremely serious, as demonstrated by Krishen Iyer’s involvement in a money laundering operation connected to marijuana trafficking. The specifics of the case show a convoluted network of criminal activity involving forgeries and attempts to legalize illicit monies. A diverse strategy is required to address these crimes and stop them from happening in the future:
- Collaboration between law enforcement
The DEA, IRS Criminal Investigation, and local police departments must continue to work successfully together in law enforcement. Collaboration improves the capacity to identify and take down sophisticated criminal networks.
- Detailed investigation
Investigative rigor is essential, as was seen in Iyer’s case. Building a strong case against people who engage in money laundering requires gathering evidence, tracking financial activities, and linking persons involved in the conspiracy.
- Legal repercussions
Strict legal penalties should be used to discourage people from participating in money laundering operations. The severity of the punishments, which should include significant fines and jail time, must be in line with the magnitude of the offense.
- Asset confiscation
Assets obtained by money laundering may be seized, which may serve as a deterrent. By allowing police to recover assets connected to illicit activity, asset forfeiture laws prevent criminals’ financial benefits.
- Norms and Compliance
Businesses must follow stringent regulatory requirements to avoid being used in money laundering schemes. It is crucial to keep financial transactions transparent, investigate clients thoroughly, and keep an eye out for odd behavior.
- The Duty of Financial Institutions
The identification and reporting of suspicious transactions is crucially dependent on financial institutions. To identify and stop unauthorized financial transfers, they must establish efficient anti-money laundering (AML) and know your customer (KYC) policies.
- Public Conscience
The general population can develop a feeling of responsibility and be more likely to report suspicious activity by being informed about the effects of money laundering and its wider social effects.
- Technology-Based Options
The identification of money laundering and illegal activities may be improved with the use of cutting-edge technology like data analytics and artificial intelligence.
- Recovery-Oriented Programmes
Rehabilitation programs can address the underlying issues that drove people to participate in such activities for those who have been found guilty of money laundering. To reduce recidivism, it is essential to provide alternatives to a life of crime.
- Cooperation on a global scale
Money laundering frequently crosses international borders, demanding collaboration between law enforcement organizations on a global scale. Global criminal networks can be disrupted by cooperative efforts.
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The Bottom Line
The Krishen Sauble Iyer case emphasizes the value of a thorough strategy for combating money laundering. Society may seek to reduce the negative impacts of financial crimes and safeguard the integrity of the financial system by tightening legal penalties, improving coordination between law enforcement authorities, and adopting successful preventative strategies.