Date: 10-31-2024

Case Style:

United States of America v. Priya Bhambi

Case Number:

Judge: F. Dennis Saylor IV

Court: The United States District Court for the District of Massachusetts

Plaintiff's Attorney: The United States Attorney’s Office for Boston

Defendant's Attorney:

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Description:

Boston, Massachusetts criminal defense lawyer represented the Defendant charged with 2.5 Million Embezzlement Scheme
Former Takeda Employee Sentenced to Nearly Four Years in Prison for $2.5 Million Embezzlement Scheme

A former senior employee in the technology operations group of Takeda Pharmaceutical Company Limited (Takeda) was sentenced today for engaging in a scheme to defraud the company of at least $2.5 million.

Priya Bhambi, 40, of Brookline, Mass. was sentenced by U.S. District Court Chief Judge F. Dennis Saylor IV to 46 months in prison to be followed by two years of supervised release. Bhambi was also ordered to pay $2,585,480 in restitution. The Court ordered forfeiture in the same amount and also ordered Bhambi to forfeit a Mercedes-Benz Model E, over $1 million in fraud proceeds held in bank accounts and a $49,985 wedding venue deposit, all seized by the government, as well as a diamond engagement ring and a Seaport condominium purchased with fraud proceeds.

In June 2024, Bhambi pleaded guilty to one count of conspiracy to commit wire fraud and three counts of wire fraud. Bhambi and an alleged co-conspirator, who did not work at Takeda, were charged in an indictment filed on March 23, 2023. The alleged co-conspirator is set for trial beginning Dec. 2, 2024.

“Pure greed drove Priya Bhambi to take advantage of her senior-level, highly compensated position at Takeda to steal millions of dollars from the company,” said Acting United States Attorney Joshua S. Levy. “I commend Takeda for reporting this fraud to the authorities promptly. As a result not only has Bhambi been held accountable for this egregious breach of trust, but the government was able to seize assets with an estimated value of over $1.5 million traceable to her theft. The sentence sends two strong messages – first, there are very serious consequences for executives who exploit their positions to line their own pockets and second, for companies who are victims of embezzlement, law enforcement stands ready to do whatever it can to recoup stolen funds and hold individuals accountable for fraud against their employers.”

“Priya Bhambi apparently felt her nearly half-a-million-dollar salary at Takeda wasn’t enough, so she orchestrated a complex financial fraud scheme to steal millions more to enhance her paycheck,” said Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division. “In doing so, she used the company’s cash to buy everything from a diamond ring, to a Mercedes Benz, and even put a down payment on a condo and wedding venue. Fraud is never the answer if you feel your paycheck is not up to par. With this sentence Ms. Bhambi will now pay for her crimes through restitution and prison time.”

Between approximately January 2022 and October 2022, Bhambi and her alleged co-conspirator orchestrated and executed a scheme to defraud Takeda of at least $2.3 million in payments for purported consulting services by submitting fabricated invoices on behalf of a sham consulting company. Bhambi had previously engaged in the same fraud using a different sham consulting company, resulting in payments from Takeda totaling nearly $300,000 for consulting services that were never provided.

In February 2022, the co-conspirator, in coordination with Bhambi, allegedly incorporated Evoluzione Consulting LLC (Evoluzione). Later, Bhambi created a website for Evoluzione with false information, including fabricated blog posts, to make it appear that Evoluzione was a legitimate consulting business. After incorporating Evoluzione, Bhambi, allegedly in coordination with the co-conspirator, submitted a statement of work to Takeda and caused Takeda to sign a master services agreement with Evoluzione and issue a purchase order to Evoluzione for consulting services with a total cost of $3.542 million. Then, between March and May of 2022, Bhambi and the alleged co-conspirator fabricated and submitted to Takeda five separate invoices for services that Evoluzione had not performed, each in the amount of $460,000. When questioned by Takeda employees, Bhambi and the alleged co-conspirator made false representations regarding the services purportedly provided by Evoluzione. Before discovering the scheme and terminating Bhambi, Takeda, relying on these false representations, paid all five of the invoices to business accounts allegedly opened by the alleged co-conspirator in the name of Evoluzione.

In total, Bhambi and the alleged co-conspirator defrauded Takeda of $2.3 million in payments to Evoluzione for services not provided. Bhambi and her alleged co-conspirator used the fraudulently obtained funds to purchase the assets referenced above that are now subject to the Court’s forfeiture order.

Acting U.S. Attorney Levy and FBI SAC Cohen made the announcement today. Takeda has provided valuable assistance and cooperation with the investigation. Assistant U.S. Attorneys Leslie A. Wright and Mackenzie A. Queenin of the Criminal Division are prosecuting the case. Assistant U.S. Attorney Carol E. Head, Chief of the Asset Recovery Unit is handling the forfeiture of aspects of the case.

The details contained in the charging documents are allegations. The remaining defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

Outcome:

Defendant was found guilty and sentenced to

Plaintiff's Experts:

Defendant's Experts:

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