Three men were arrested and charged in connection with real estate fraud and money laundering in San Francisco for allegedly forging real estate deeds to three luxury condominium at One Rincon Hill worth about US$7.5 million to gain legal control of the condominiums to borrow US$2.2 million against the properties.
Melvin Emerich, Kaushal Niroula and Jay Shah allegedly pretended to be investors and convinced real estate agents to lend them keys to the building. Emerich is a lawyer licensed to practice in California. The proceeds from the real estate fraud were allegedly wired to a Nevada shell company and a Swiss bank account. Police raids were carried out at several locations in four countries simultaneously by more than 50 law enforcement agents. Niroula is alleged to have conspired to kill a 74-year-old victim to obtain title to the victim’s home. All three are charged with money laundering and grand theft. Niroula is also charged with murder.