Alexandria, VA—A man from Aldie, Virginia, has been accused of a huge fraud scheme, tricking people out of $20 million. Babu Ramaraj, 46, and his wife allegedly deceived many investors through their company, DAB Inspection and Consulting Services, LLC.
Ramaraj claimed that DAB had big contracts with major organizations like the Federal Aviation Administration and the Virginia Department of Transportation. He told investors he needed large upfront payments to secure these contracts, which he said couldn’t be financed through banks because his company was too new.
To convince investors, Ramaraj provided fake documents, including contract letters and financial records. From January 2020 to May 2024, he asked people, including members of his Loudon County cricket league, to lend money at high interest rates, promising returns of over 100%.
He used money from new investors to pay the initial ones, making it seem like the investments were paying off.
Instead of using the funds for business purposes, Ramaraj allegedly transferred the money to his and his wife's personal accounts, bought cars and real estate, and sent over $1 million to accounts in India.
Ramaraj has been arrested and is facing serious charges, which could result in up to 20 years in prison for each count of fraud.
Anyone who may have been a victim in this case or who may have information regarding this case is encouraged to contact the FBI’s Washington Field Office at (202) 278-2000 or the FBI’s tip line at 1-800-CALL-FBI (1-800-225-5324). Information may also be submitted online using the FBI’s electronic tips form at https://tips.fbi.gov.
Asia91 expresses its condolences to all those affected by this scam and urges the community to stay vigilant.