Brief by Shorts91 Newsdesk / 05:57am on 03 Jul 2024,Wednesday India Global
Indian-American businessman Rishi Shah has been sentenced to seven and a half years in prison for a ₹8,300 crore ($1 billion) fraud. Shah, cofounder of Outcome Health, deceived top investors like Goldman Sachs and Google parent Alphabet. The scam involved selling more ad space than the company could deliver and faking data. The fraud began to unravel in 2017 after a media expose. Shah lived lavishly, buying private jets and a $10 million home. His cofounders Shradha Agrawal and Brad Purdy also received prison sentences. Shah apologized, admitting to creating a deceptive corporate culture.
