Indian businessman faces 20-year jail

FRESNO, CA – An Indian American businessman in California, Krishen Sauble Iyer, has been convicted of laundering money for a narcotics dealer.

The federal prosecutor for Eastern California Phillip Talbert said on February 1 that Iyer, who lives in Fresno, has admitted his guilt.

Iyer, who owned several insurance businesses, made a deal with a marijuana dealer to have money from selling the narcotics transferred to one of his companies, Health Shield.

He then returned the money to the dealer after taking a commission and disguising the payments as salaries, the prosecution said. He filed tax documents showing payments of $111,952 in 2013 and $164,000 in 2014 even though the dealer had not worked for him.

The marijuana dealer was identified only as "S.V." in the court documents.

Iyer is to be sentenced by Judge Dale Drozd in April and faces a maximum penalty of 20 years in jail and a $500,000 fine.