Rishi Shah: The Indian-American Billionaire Who Swindled Google & Goldman Sachs

Rishi Shah: The Indian-American Billionaire Who Swindled Google & Goldman Sachs

The company, which saw significant growth over the years, used illicit means to spike its growth. It overstated its network and ability, creating a web of deception, including accepting money from companies for exhibiting advertisements, while intentionally failing to do so.

G R MukeshUpdated: Tuesday, July 02, 2024, 11:47 AM IST
article-image

Making a name in the most powerful country in the world, the United States, is an unstated dream of many around the globe. But how you make that name is also essential. In recent development, an Indian-American made a name through an arguably infamous path.

Indian-American Sent To Prison For 7.5 Years

Rishi Shah, a Chicago-based billionaire, was sentenced to a 7.5-year prison sentence by a US court for duplicitously misguiding his client through an advertising startup. The sentence was arrived at after the prosecutors sought a 15-year prison sentence.

The volume and magnitude of the fraud committed by Shah are gargantuan. A sum of a billion dollars was involved in the matter and big names like Google and banking giant Goldman Sachs were also involved in the matter.

The Company Reached Valuation Of USD 5.6 billion

Shah, who is the founder of Outcome Health, a company that exhibited advertisements to doctors and their offices, was convicted of multiple counts of fraud and money laundering.

The company, which saw significant growth over the years, used illicit means to spike its growth. It overstated its network and ability, creating a web of deception, including accepting money from companies for exhibiting advertisements while intentionally failing to do so.

Outcome Health, a tech-based consulting company was founded by Rishi Shah, another Indian-American, Shradha Aggarwal, and Brad Purdy. This company had investments from Goldman Sachs, Capital G and Hyatt owners, the Pritzker Group. After a round of funding in 2017, the company's valuation reached a high of USD 5.6 billion.

Screengrab of Shah's X profile

Screengrab of Shah's X profile |

Screengrab of Shah's LinkedIn profile

Screengrab of Shah's LinkedIn profile |

Rishi Shah himself is said to be a resident of Chicago, a major city in the state of Illinois. Shah has been at the helm of the company since 2006.

Shah claims to have carried out his academic activities at Harvard University and Northwestern University in Chicago.

On social media, Shah appears to have a muted profile, with limited activities on his profiles on LinkedIn and X (formerly Twitter).

RECENT STORIES

"Will Support Whatever Regulations, Guidelines Come," Says Infosys CEO On Draft K'taka Reservation...

German Luxury Marque: Mercedes-Benz CLE Cabriolet

German Luxury Marque: Mercedes-Benz CLE Cabriolet

Union Budget 2024: MSME Sector For Doubling Loan Limit Under MUDRA To ₹20 lakh

Union Budget 2024: MSME Sector For Doubling Loan Limit Under MUDRA To ₹20 lakh

Earnings Q1FY25: Infosys Net Profit Jumps 7.1% To ₹6,368 Crore

Earnings Q1FY25: Infosys Net Profit Jumps 7.1% To ₹6,368 Crore

Q1FY25 Earning Updates: Infosys Total Income Grows To ₹40,153 Cr; South Indian Bank Net Profit...

Q1FY25 Earning Updates: Infosys Total Income Grows To ₹40,153 Cr; South Indian Bank Net Profit...