On March 7, 2019, a four-count indictment was unsealed charging three former senior Mozambican government officials, investment bankers, and business executives in connection with a $2 billion fraud and money laundering scheme. According to the indictment, between 2013 and 2016 the defendants organized loans made to entities controlled by the Mozambican government. The defendants allegedly defrauded U.S. investors by misrepresenting the purpose of the loans and the ability of Mozambique and its state-owned entities to repay the loans. In return, the former Mozambican officials allegedly received more than $150 million in payments. To date, Mozambique and the state-owned entities have allegedly failed to make more than $700 million in repayments on those loans.
United States v. Boustani et al., 18-cr-681 (E.D.N.Y.)
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