TEXAS BUSINESS OWNER INDICTED FOR FAILING TO REPORT OVR $1.6 MILLION IN CASH TRANSACTIONS

FROM:  U.S. JUSTICE DEPARTMENT 

Monday, October 20, 2014

Owner of Texas Perfume Business Indicted for Violating Cash Reporting Requirements Involving More Than $1.6 million

The owner and president of a wholesale and retail perfume store in Laredo, Texas, was indicted by a federal grand jury today on 44 counts of causing his business to fail to report cash transactions of more than $10,000.

Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division and U.S. Attorney Kenneth Magidson of the Southern District of Texas made the announcement.

The indictment alleges that Virender Sharma, 59, of Laredo, Texas, was the owner and president of T.M. Perfumes, and was responsible for complying with the cash reporting requirements for the company.  Despite knowing of his filing obligations since 2006, Sharma allegedly caused the business to fail to report at least 44 cash transactions exceeding $10,000 between June 2009 and July 2010, which totaled more than $1.6 million.

The charges contained in an indictment are merely accusations, and a defendant is presumed innocent unless and until proven guilty.

The case was investigated by the Internal Revenue Service – Criminal Investigation and the Drug Enforcement Administration.  The case is being prosecuted by Trial Attorney Keith Liddle of the Criminal Division’s Asset Forfeiture and Money Laundering Section and Assistant U.S. Attorney Ted Imperato of the Southern District of Texas.