Who is Shradha Agarwal - The Indian American Sentenced For Billion Dollar Fraud

Chicago: Indian-American origin Shradha Agarwal along with Rishi Shah were sentenced by a US Court for committing a $1Billion (Rs 7,500 crore) fraud involving tech and financial giants like Google and Goldman Sachs.  Shah, 38, was sentenced to seven years and six months in prison while Agarwal, 38, was sentenced to three years in a halfway house.

Shah was convicted on five counts of mail fraud, 10 counts of wire fraud, two counts of bank fraud, and two counts of money laundering, while Agarwal was found guilty of five counts of mail fraud, eight counts of wire fraud, and two counts of bank fraud.

Who is Shradha Agarwal?

Shradha Agarwal, a former executive of Outcome- a Chicago-based health tech firm, was sentenced with three years in a half way house for the fraud, while Rishi Shah was sentenced for 7 years and six months in prison. The duo cheated their clients by overbilling the clients and lied about how many people saw the ads. According to reports, the fraud is worth $1billion.  The scam ran for years and costed companies $45 billion. The former Chief Operating Officer of Outcome health Brad Purdy, 35 is also one of the co-accused of the fraud.

According to reports, The Wall Street Journal busted the scam in 2017, aftermath Investors like Goldman Sachs and Google filed lawsuits. 

Agarwal, a Harvard graduate met Rishi Shah during her days at Harvard University and together they founded Context Media in 2006. Ten years later, they bought a company called AccentHealth and gave it a new name Outcome Health.  The startup sold health ads to drug manufacturing companies, which were shown in doctors' offices across the US.  

Agarwal also received several awards during her tech career, which include Chicagoness Award and Prominent Women in Tech Award in 2015.