New Jersey-based Nirav Patel, a real estate and business investor, is facing accusations of theft after he allegedly tried to steal $750,000 from investors who wanted to bring a World of Beer franchise to Hoboken, NJ.
Patel, 39, of Hoboken, was indicted May 8 by a state grand jury on a second-degree charge of theft by deception.
According to the New Jersey Office of the Attorney General, Patel is an investor whose primary focus has been restaurants and bars in New Jersey and New York.
The indictment was handed up to Superior Court Judge Mary Jacobson in Mercer County, who assigned the case to Hudson County, where Patel will be ordered to appear in court at a later date for arraignment.
Second-degree charges carry a sentence of five to 10 years in state prison and a fine of up to $150,000, prosecutors said.
"We urge individuals who believe they have been defrauded to contact the Division of Criminal Justice (DCJ)," DCJ Director Veronica Allende said. "We will aggressively investigate financial crimes and prosecute those responsible to the full extent of the law."