A recent financial report from the past two years showed the toxic and fraudulent practice of looting coronavirus relief programs by the officials governing them, with the total amount being somewhere around $600 billion.
All of this taxpayer money was siphoned away into personal funds and companies through continuous fraud and money laundering. This means a large portion of the five trillion allocated to federal relief spending just vanished into thin air.
A record-breaking amount of money siphoned away by fraudulent COVID-19 relief programs
This makes the incident the greatest account of fraudulent money management in American history, made worse by the fact the majority of the Paycheck Protection Program loans will remain unpaid.
Theft of 10% of the $80 billion handed out in BIDEN’S spending spree on paycheck protection plan, PLUS $90 to $400 billion is believed stolen from the Biden “$900 billion COVID unemployment relief program”. These WILD SPENDING SPREE WITH NO SAFEGUARDS HELPED CAUSE INFLATION! https://t.co/D9xmEvMAzD
— Pretzel Logic (@RJProcko) October 1, 2022
As of August this year, over 10 million PPP loans were partially forgiven, with a small minority being fully forgiven, which is well over 88% of the total 11.5 million loans that were taken out.
The original goal of the program was to keep small businesses afloat amidst the economic crisis caused by the pandemic, which was later prolonged by the Biden administration’s refusal to address this issue.
Despite the administration’s inactivity, federal prosecutors still managed to catch several of these fraudsters red-handed, with the worst of the bunch being behind large-scale organized crime rings that stole millions from the taxpayer body.
Nigerian official siphons away $350k
Over 1,500 of these fraudulent entities have been slapped with charges, with one-third of them already receiving their convictions; although it’s clear that due to the massive scale of the fraud, a large portion of the perpetrators won’t ever be caught.
Easy Money…
“Congress appropriated more than $5 trillion for COVID relief but almost $600 billion may have been lost to fraud…” pic.twitter.com/R4KXgNKiz2
— ZZZ (@AskMeLaterOn) October 3, 2022
FBI conducted an investigation into the online activity of a Nigerian government official who turned out to be one of the fraudsters that walked away with $350k belonging to state unemployment programs.
In fact, in Maryland alone, 1.3 million fraudulent unemployment claims were made when the program was still going full speed ahead at the peak of the COVID-19 pandemic.
This massive criminal enterprise took advantage of the fact the world was busy dealing with a pandemic. They stole millions, some even billions of dollars. They would’ve walked away with it, had it not been for a timely investigation into some of these public figures.
“COVID fraud” is at this point a redundant phrase. Congress appropriated more than $5 trillion for COVID relief but almost $600 billion may have been lost to fraud — an astounding 12%. Washington’s pandemic pratfalls are the greatest federal boondoggle of this century.
— Amani Langston (@AmaniLangston) October 3, 2022
Blake Hall, the CEO of an ID verification company with businesses in 27 states compared these fraudsters’ actions to “walking into Fort Knox and leaving with the gold.” This is probably the most correct analogy anyone’s ever made regarding these criminals.
It remains unknown how many criminals were involved in siphoning away the $600 billion that are missing; the total number is much greater than the 1,500 that were actually caught. Although the investigations are still continuing.
It’s likely the majority of those involved with this mass-scale fraud are foreigners taking advantage of these relief programs, which is exactly why the federal investigations aren’t fetching as many results as expected.
