A well-known northern Virginia businessman has pleaded guilty to conspiracy to commit money laundering in connection with a mortgage fraud scheme.

In U.S. District Court Thursday, 47-year-old Vijay K. Taneja of Fairfax admitted that through his company, Financial Mortgage Inc., he defrauded banks of at least $33 million by creating fake mortgage loans and selling the same loans to several investors. Authorities say Taneja then pocketed the proceeds generated from refinancing loans.

Prosecutors say the case is the largest in Virginia in at least two decades.

Taneja faces a maximum of 20 years in prison and a $500,000 fine.

Sentencing is scheduled for January.