SPRINGFIELD, Ill. (WCIA) — A local business owner has been indicted on federal charges of filing false tax returns and structuring cash withdrawals to avoid detection by the IRS.
Chu Chuk Cheung, 40, owns Osaka Japanese Restaurant, in the 1600-block of Wabash Avenue. He is the president and sole member of the board of directors as well.
A grand jury returned an indictment Wednesday which includes two counts of filing false returns and ten counts of structuring.
Authorities say, for 2012 and 2013, Cheung failed to report personal income received from the business.
The indictment further alleges, under his control from August 9, 2013 – September 22, 2014, he evaded Currency Transaction Reporting (CTR) requirements.
Financial institutions are required to complete and file CTRs with the IRS for any currency transactions over $10,000. Officials say Cheung might withdraw $9,000 one day and return the next day to withdraw the same amount.
A summons will be issued for Cheung to appear in court August 29.
Each count of filing false tax returns carries a penalty of up to 3-years in prison, a $100,000 fine, plus the costs of prosecution and full restitution. Each count of unlawful money structuring carries a penalty of up to 10-years in prison.