A Seattle businessman finds himself in hot water as he's been slapped with charges of tax evasion and submitting false tax returns, after a federal grand jury dished out an indictment earlier this week.

Steven Loo, a Washington commercial real estate mogul, is accused of skirting the taxman from 2015 to 2020, allegedly operating eight companies owning commercial properties, the income from which he apparently concealed through a sneaky scheme which involved directing property management firms to pay out so-called asset management fees to his two other entities, pocketing over $4.8 million that he failed to report as income, according to the Department of Justice's announcement.

The indictment paints a picture of a businessman knowingly dodging his fiscal duties, causing the IRS a heavy loss north of $1.6 million. While the property management companies took care of the day-to-day, Loo was busy diverting funds that should've been declared to Uncle Sam.

The stakes are high for Loo, with a possible five-year prison stretch for each tax evasion count he's facing, and another three for each false tax return charge, with a federal district court judge set to decide his fate, weighing guidelines and statutory factors, Loo could be staring down a significant stint behind bars if convicted. Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Tessa M. Gorman for the Western District of Washington made the charges public.

Units from the IRS Criminal Investigation swarm the case, signaling a clear intent to clamp down on financial malfeasance. The courtroom battle will see Trial Attorney Regina Jeon of the Justice Department’s Tax Division and Assistant U.S. Attorneys Michael Dion and Sean Waite for the Western District of Washington leading the charge for prosecution.