"DOWNTOWN - In Brooklyn federal court, Pushpesh Kumar Baid, also known as "PK Jain," was sentenced to 20 years for his role in schemes to defraud investors in Tradepay Capital LLC, a purported factoring company, and in Luxestreet, Inc., a purported luxury goods pawn shop. Baid pled guilty to conspiracy to commit wire fraud in April 2025, approximately one week before the trial was scheduled to commence."
""Baid and his co-conspirators orchestrated an elaborate fraud, creating sham companies and using straw bank accounts and fraudulent documents to deceive their victims for years into investing millions of dollars into businesses that simply did not exist," Nocella stated. Mr. Nocella expressed his appreciation to the Internal Revenue Service, Criminal Investigation, for its work on the case. "Pushpesh Baid repeatedly spun webs of lies to manipulate his investors into pooling tens of millions of dollars in fabricated companies directly utilized for Baid's personal expenditures," Reilly added."
Pushpesh Kumar Baid, also known as PK Jain, received a 20-year federal prison sentence for conspiring to commit wire fraud involving Tradepay Capital LLC and Luxestreet, Inc. Baid pled guilty in April 2025, about one week before his scheduled trial. The court preliminarily ordered $35,056,852.83 in restitution to victims and forfeiture of $2,607,689.00 in ill-gotten gains. Baid operated from Miami and served as Business Head of Tradepay. Prosecutors say he and co-conspirators created sham companies, straw bank accounts, and fraudulent documents to solicit and misuse investor funds. The U.S. Attorney and FBI announced the sentence with IRS Criminal Investigation assistance.
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