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BOWIE, Md. (WUSA9) -- A Bowie man stole more than $350,000 in a car loan scheme from June 2010 to August 2012.

Duane Akuffo, 28, applied for car loans at various credit unions with an array of fake documents. He forged fake pay stubs, information about applicants and he even lied about the type of car he was buying each time, calling it a 'luxury car,' the court documents stated.

Once Akuffo was approved for the loans, he would take the money as share it with nine others who helped him and default on the loans.

"Relying on the materially false representations, the credit unions issued loans totaling $357,356 to the applicants," officials said in a news release.

Today's announcement is part of efforts underway by President Obama's Financial Fraud Enforcement Task Force (FFETF) which was created in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. For more information, visit www.stopfraud.gov.

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