Singh faces a potential maximum sentence of three years in prison and a maximum fine of $250,000. Sentencing is scheduled for January 6, 2014.
According to the indictment, court records and admissions made by Singh, he used check-cashing services to cash more than $2.9 million in checks paid to his construction company, Fancy and Vicky Construction Co Inc in Richmond Hill, for services between 2006 and 2008.
Singh concealed his check-cashing activities from his tax return preparers, and this income was not included as gross income on the company's tax returns, prosecutors alleged.
Singh diverted cash receipts earned by his companies for his own personal use. He admitted that his failure to report Fancy and Vicky's gross receipts caused a tax loss of between $400,000 and $1 million, the department of justice said.