Federal investigators say a Coppell man fraudulently applied for dozens of federal stimulus PPP grants and received more than $17 million that he spent buying real estate and luxury cars such as a Bentley and a Corvette.

A coalition of federal agencies charged Dinesh Sah, 55, of Coppell, with applying for $24.8 million in PPP loans for 15 businesses that claimed to have more than 500 employees, but in fact, many of the businesses were registered after the CARES Act was passed and did not have any employees, according to court documents detailing the indictment.

“Mr. Sah exploited this terrible pandemic for personal gain – and he should be held accountable to the American people for that behavior,” said U.S. Attorney Erin Nealy Cox in a statement. “COVID-19 has devastated the finances of hardworking business owners across the nation. PPP funds should be reserved for those who really need them to keep their companies afloat.”

Sah was arrested Sept. 16 and remains in custody, said a spokeswoman for the U.S. attorney’s office for the Northern District of Texas.

Sah is one of dozens indicted by government prosecutors for fraudulently applying for forgivable loans through the Payroll Protection Program, the $650 billion slice of the CARES Act designed to help small businesses cover costs for wages, rent and utilities. Among those charged with fraud were a former NFL football player and a former reality television star.

The Small Business Administration's Paycheck Protection Program provided forgivable loans to North Texas restaurants, churches, hotels, nonprofits and many other groups to help them weather the economic fallout of COVID-19 pandemic.

More than 5.2 million loans were approved nationwide. According to the U.S. Treasury Department, Texas businesses were approved for more than $41 billion in grants that were intended to go to businesses with 500 employees or fewer.

The indictment said Sah actually received $17.3 million and used the money on multiple homes, international transfers and a 2020 Bentley convertible, a luxury car that typically sells