TRENTON, New Jersey — Federal prosecutors say a northern New Jersey jewelry store owner who used his business to further one of the nation's largest credit card fraud rings has admitted his role in the scheme.
Vinod Dadlani, a 51-year-old Lyndhurst resident whose business was in Jersey City, pleaded guilty Wednesday to conspiracy to commit bank fraud.
Prosecutors say conspirators fabricated more than 7,000 false identities to obtain tens of thousands of credit cards. Ring members doctored credit reports to pump up the scheme, which caused more than $200 million in losses to businesses and financial institutions.
The debts were incurred at Dadlani's store — where he allowed fraudulently obtained credit cards to be swiped in phony transactions — and many other locations.
He faces 30 years in prison when he's sentenced Sept. 24.