Aldie Resident Indicted for Multi-Million Dollar Fraud Scheme

ALEXANDRIA, Va. – A federal grand jury has indicted an Aldie resident on charges of wire fraud and unlawful monetary transactions. Babu Ramaraj, 46, is accused of orchestrating a scheme that defrauded investors in Virginia, Maryland, North Carolina, New Jersey, Missouri, and beyond, resulting in losses amounting to millions of dollars.

According to court documents, Ramaraj and his wife owned DAB Inspection and Consulting Services, LLC (DAB), a modest home contracting business focused on patio and deck projects. Ramaraj allegedly misrepresented DAB as holding lucrative contracts with the Federal Aviation Administration, the Virginia Department of Transportation (VDOT), and others. He claimed the company was involved in a joint venture for the Washington DC Water Clean Rivers Project, with contracts worth tens of millions of dollars for engineering inspection work on major infrastructure projects.

Ramaraj purportedly stated that large upfront bond payments were necessary to secure these contracts but claimed he could not obtain bank financing due to DAB’s relative youth and the urgency of the funding requirements. To support his claims, Ramaraj allegedly provided falsified contract award letters, invoices, and DAB financial records to investors, inducing them to loan more than $20 million to DAB. In reality, these documents were forged, and the bonds were never paid.

From January 2020 through May 2024, Ramaraj allegedly solicited investments from individuals, including members of his Loudoun County cricket league, offering high interest rates, sometimes exceeding 100% annually. Using funds from newer investors, he reportedly paid returns to initial investors, encouraging them to continue investing and to recruit others.

Instead of using the funds for the promised bonds, Ramaraj allegedly transferred the money to his and his spouse’s online brokerage accounts for securities trading, wired over $1 million to accounts in India under his spouse’s name, purchased multiple vehicles, acquired real estate, and made various other payments to support his lifestyle.

If convicted, Ramaraj faces up to 20 years in prison for each count of wire fraud and up to 10 years for each count of unlawful monetary transactions.

 

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