Law360 (August 19, 2021, 7:24 PM EDT) — The directors of a now-defunct Illinois bank admitted Thursday that they committed perjury relating to a bank fraud scheme in which they shifted and hid assets to avoid paying creditors after defaulting on millions of dollars in personal and corporate loans.

Pethinaidu Veluchamy, 75, and his wife, Parameswari, 71, who are now-defunct First Mutual Bancorp’s primary shareholders, each pled guilty before U.S. District Judge Andrea Wood to separate counts of making false statements while under oath. Prosecutors added those charges in a second superseding indictment they filed over the Veluchamys’ alleged scheme to conceal assets to avoid repaying Bank of America…