Fraud Case: 3 Including 2 Indian-Americans Face Jail Term!

A shocking scam to the tune of thousands of crores came to light in the United States. The issue grabbed everyone’s attention as it is a high-profile case with big names cheated by fraudsters. The case saw a big development with the Court giving the verdict slapping fraudsters with jail term.

Going into details a scam of ₹ 8,300 crore was unearthed in America. What’s even more shocking is that an Indian-American was found guilty and slapped with a jail term of seven and a half years. Rishi Shah, cofounder of Outcome Health was found guilty and the Court gave its verdict.

Rishi Shah started Outcome Health to bring big changes in how medical advertising is done. Having an interest in his idea companies like Goldman Sachs Group Inc., Alphabet, and others put investment in his idea and firm.

However, there are a few irregularities in the issue. It is said that Rishi Shah and co-founder Shradha Agrawal indulged in wrongdoings and misused the funds. Luxury trips were planned and properties were also brought reportedly.

As part of the fraud, the duo targeted the company's clients, lenders, and investors. They used false data and under delivered the screens to the clients who bought the screens for the medical advertisement.

The firm rose to fame and marked its space in the sector in 2010. From 2011 to 2017 the accused indulged in the scam and went for overbilling involving many billion dollars. The Court found three people guilty and slapped them with jail terms.

While Rishi Shah was slapped with a seven-and-a-half-year jail term, Shradha Agarwal was awarded a three-year term. On the other hand, Brad Purdy, who is the former chief operating officer of the firm was awarded a two years and three months term.