An Indian-American perfume trader from Texas has been indicted by a federal court on charges of failing to report over 40 cash transactions exceeding USD 10,000, which totalled more than USD 1.6 million.
The accused, Virender Sharma, who is owner and president of a wholesale and retail perfume store in Laredo in Texas, has been indicted on 44 counts, US Attorney of the Southern District of Texas, Kenneth Magidson said.
The indictment claimed that Sharma, 59, 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 in at least 44 cash transactions exceeding USD 10,000, between June 2009 and July 2010, which totalled more than USD 1.6 million, the indictment alleged.
