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Is it safe to sign offer letter?

Hi members, Need your help in understanding future risk if I sign contract offer letter for a second job. I am full time working presently but due to sudden financial crisis caused by a business loss of my father I want to support him with extra income from secondary job, I gave and cleared interview for US client . The company is new setup and I thought I was offered a freelance role but now the company has shared a offer letter and the owner said he is ok with me submitting PAN Card of my wife/mother for salary to be credited . There is no PF account setup involved and has assured me there would be no conflict with my first job. He is asking to sign offer letter and come into employment with him as he wants to start his company as a full fledged org starting with hiring freelancers. Is it advisable to go ahead or is there risk of first job org coming to track it or the owner can blackmail me if he turns out to be fraud. I know ethically wrong and this is my first time trying second job due to circumstances. Please advise how to safeguard myself.

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