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Massachusetts Man Indicted for Embezzling $54 Million from Private Equity Firm
BOSTON, MA – A Greenwich, Conn. man, Iftikar Ali Ahmed, 44, was indicted today in U.S. District Court in Boston for embezzling $54 million from the private equity firm for which he worked.
Ahmed is currently a fugitive from justice. He was previously charged in a separate scheme in April 2015 and fled the country while on pre-trial release.
The indictment alleges that between 2004 and April 2015, Ahmed embezzled more than $54 million through an elaborate scheme to defraud in which he submitted false invoices, substantially overstated the prices of international business deals he orchestrated on behalf of his employer, and by setting up fraudulent bank accounts in the name of the private equity firm for which he worked and the companies in which his employer invested.
According to the indictment, Ahmed used the proceeds of his fraud to purchase a $9.6 million residence in Greenwich, Conn. and a luxury condominium in New York for approximately $8.6 million.
On one occasion in November 2014, Ahmed allegedly recommended to his private equity firm that it invest $20 million in an international company and justified the price by submitting fraudulent financial documents. He then directed the private equity firm to wire $2 million to another company and the remaining $18 million to an account that Ahmed falsely claimed was the company’s account, but actually belonged to Ahmed.
The charge of wire fraud provides for a sentence of no greater than 20 years in prison, three years of supervised release and a fine of $250,000 on each count. The charge of making false statements in income tax returns provides for a sentence of no greater than three years in prison, one year of supervised release, and a fine of $1 million on each count.
United States Attorney Carmen M. Ortiz, Harold H. Shaw, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division, and Joel P. Garland, Special Agent in Charge of the Internal Revenue Service’s Criminal Investigation Division in Boston, made the announcement today.
The case is being prosecuted by Assistant U.S. Attorney Neil J. Gallagher, Jr. of Ortiz’s Economic Crimes Unit.
The details contained in the Indictment are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
Key Facts
- State: Massachusetts
- Category: White Collar Crime, Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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