She may have falsified documents or misrepresented her intentions when getting the loans. That would make them fraudulent.

If you had a US citizen as a coconspirator it's not a bad way to get a ton of money really-have them blow up their good name to take a series of crappy loans, use them to buy Bitcoin, flee to Pakistan. Sure you'd be burning your bridges in the US but if you were planning on living in a terrorist camp somewhere, you're not really concerned with that I imagine.