A former senior employee in the technology operations group of Takeda Pharmaceutical Company Limited, Priya Bhambi, was sentenced to nearly four years in prison for her involvement in a $2.5 million embezzlement scheme.
Bhambi, age 40, from Brookline, Massachusetts, was sentenced by U.S. District Court Chief Judge F. Dennis Saylor IV to 46 months in prison, followed by two years of supervised release. She was also ordered to pay $2,585,480 in restitution and forfeit assets including a Mercedes-Benz Model E, more than $1 million in fraud proceeds held in bank accounts, a $49,985 wedding venue deposit, a diamond engagement ring, and a Seaport condominium purchased with fraud proceeds.
Bhambi pled guilty in June 2024 to one count of conspiracy to commit wire fraud and three counts of wire fraud. The indictment against her and an alleged co-conspirator was filed on March 23, 2023. The co-conspirator, who did not work at Takeda, is set for trial beginning December 02, 2024.
The scheme, which took place between January 2022 and October 2022, involved Bhambi and her alleged co-conspirator submitting fabricated invoices for consulting services on behalf of a sham consulting company. This resulted in Takeda being defrauded of at least $2.3 million.
Acting United States Attorney Joshua S. Levy commended Takeda for promptly reporting the fraud, which allowed the government to seize assets traceable to Bhambi's theft.
Source: https://www.justice.gov/usao-ma/pr/former-takeda-employee-sentenced-nearly-four-years-prison-25-million-embezzlement-scheme
Commentary
In the above source, the United States attorney commended Takeda for acting fast when the fraud was suspected.
Unfortunately, organizations that are victimized by fraud do not always act quickly increasing the loss from the fraud.
Here are some reasons why organizations should move quickly when they reasonably suspect that fraud is occurring:
- Prompt action allows organizations to quickly identify and halt fraudulent activities, preventing further financial damage.
- Swift reporting and investigation can lead to the recovery of stolen assets, as seen in the Takeda case where the government seized assets traceable to the theft.
- Early detection and intervention can prevent the fraud from escalating, reducing the overall impact on the organization.
- Acting fast helps maintain trust with stakeholders, including customers, employees, and investors, by demonstrating a commitment to integrity and security.
The final takeaway is that moving quickly with law enforcement to address internal fraud pays off not only in lowering loss, but also in securing a conviction.
