SIOUX FALLS, S.D. (KELO) — A Sioux Falls man has been charged with wire fraud and money laundering.

57-year-old Richard Kamolvathin, Richard Kamolvathin, otherwise known as Danuj Richard Kamolvathin, was indicted in August 2023 and pleaded not guilty in court on September 12, 2023.

From October 2020 through June 2021, Kamolvathin intentionally submitted two fraudulent applications for his business Zolvent Pro, LLC to the South Dakota Bureau of Finance and Management for Small Business Start-Up Grants.

In his applications, his documentation included false statements including the date of his business registration and claimed business expenses.

Kamolvathin received two grants; one for $350,000 and another for $13,800. Kamolvathin used the grant funds for personal purchases including a luxury watch that cost more than $26,000.

He was released on bond pending trial set for February 20, 2024. Until he is proven guilty in court, Kamolvathin is presumed innocent.

The investigation is continuing by the U.S. Department of the Treasury, Office of Inspector General, Office of Investigations and Assistant U.S. Attorney Ann M. Hoffman.