An Orange County man has agreed to plead guilty to a $5-million COVID-19 relief loan scam, the U.S. attorney’s office said in a release.
Raghavender Reddy Budamala, 35, of Irvine allegedly used relief loans to purchase a $1.2-million “investment property” in Eagle Rock, a nearly $600,000 property in Malibu and a “personal residence” in Irvine. Budamala deposited nearly $3 million into a personal account, the U.S. attorney said.
Before the COVID-19 outbreak in early 2020, Budamala owned three shell companies: Hayventure LLC, Pioneer LLC and XC International LLC, authorities said.
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