Man arrested after writing $82 million in bad checks in two weeks

Saquib Khan 
By: Anika Rao 

A New York man was arrested after writing $82 million in bad checks in just two weeks time, according to prosecutors.

The owner of a Staten Island business known for throwing lavish fundraisers for political candidates, was accused of writing $82 million in bad checks in just two weeks.

Saquib Khan wrote the bad checks last month, according to federal prosecutors in Brooklyn, New York. Khan, 51, was released after posting $400,000 bail.

He has hosted high dollar fundraiser on both sides of the aisle. Khan allegedly fleeced six banks through a "large-scale check-kiting" scheme, according to court documents.

He is accused of writing checks to himself, despite not having enough money in the accounts to cover the massive withdrawals, according to prosecutors.

Khan then tried to cover his tracks by wiring money back to the original accounts, but the suspicious transactions were caught by officials of the financial institutions.

Khan was arrested last week.