An India-origin businessman Jagdeep Singh Sidhu has pleaded guilty for running an illegal money transfer business in Bakersfield, California, for which he faces up to five years in prison and USD250,000 of fine.The US Attorney of Eastern District of California McGregor W Scott said in a statement that Sidhu has pleaded guilty in the United States District Court in Fresno to one count of conducting an illegal money transmitting business.The statement quoted Assistant US Attorney Mark E Cullers, who is prosecuting the case, as saying that Sidhu in his plea agreement has admitted to transferring USD 171,710 to foreign locations without being properly licensed by the State of California.Sidhu, aged 47, is a co-owner of India Currency Exchanges and Discount Mart, both located in Bakersfield, where he conducted his money transmitting business.Scott said that Sidhu faces up to five years in prison and a penalty of up to USD 250,000. The actual sentence, however, would be determined at the discretion of the court after consideration of the Federal Sentencing Guidelines, which take into account a number of variables and any applicable statutory sentencing factors. Sentencing is set for June nine.The case was probed by the US Department of Homeland Security, Immigration and Customs Enforcement and by the Criminal Investigation Division of Internal Revenue Service.Earlier in April 2006, the US Department of Justice’s US Attorney’s office for the Eastern District of California had said that Jagdeep Singh Sidhu, Udhebhan Singh Sidhu, Daljit Singh Sidhu and Manjit Singh Sidhu were indicted by a federal grand jury in Fresno on one count of conspiracy to structure financial transactions and one count of conducting an illegal money transmitting business.
