Car dealer indicted on wire fraud chargesPosted: Updated:
A luxury car dealer accused of defrauding customers and banks out of $1.7 million has been indicted by a federal grand jury.
Afzal "Bobby" Khan has been charged with five counts of wire fraud. Khan operated the Emporio Motor Group of Ramsey, a luxury car dealership. Prosecutors say he engaged in several fraudulent transactions involving Rolls-Royce, Lamborghini, Porsche and other vehicles from December 2013 through September 2014.
Authorities allege Khan obtained loans for vehicles that he had no title for and sold autos on consignment but never paid the owners or gave the buyers the titles.
Altogether, Kahn is accused of fraudulently obtaining 21 loans totaling more than $1.7 million.
Khan is currently still at large, and authorities are looking for him.
If convicted on all counts of the indictment, Khan could face up to 100 years in prison.
The Associated Press wire services contributed to this report.