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Anonymous

Hey I am on Medial • 1y

Breaking down the Breaking Rishi Shah Story, A rising star in the tech world, has been sentenced to 7.5 years in prison for a massive $1 billion fraud scheme. Here's the breakdown: Who: Rishi Shah, 38, co-founder of Outcome Health, a Chicago-based health tech startup. What happened: Shah and his co-founders were convicted of defrauding clients, lenders, and investors by lying about Outcome's performance and finances. The scheme: They sold more ad inventory than they could deliver and faked data to cover it up. Consequences: Shah: 7.5 years in prison Shradha Agarwal (co-founder): 3 years in a halfway house Brad Purdy (co-founder): 2 years and 3 months in prison Prosecutors wanted 15 years for Shah, calling him the "driving force" behind the fraud. Lifestyle: Shah lived large with exotic trips, private jets, yachts, and a $10 million home. Big names involved: The fraud hit major investors like Goldman Sachs, Alphabet, and Illinois Governor JB Pritzker's VC firm.

10 Replies

Replies (10)

Somen Das

Senior developer | b... • 1y

dekho dekho darindigi cherese tapak raha hain. iske waja se mujhe funding nehi milega uske upar main tahra newbie. let's hope for the best. scam ayenge jayenge lekin ye startup ecosystem rehna chahiye

1 Reply

Anonymous 3

Hey I am on Medial • 1y

7.5 years seems light for a $1 billion fraud. If this happened in India, the guy would be dealing with CBI, ED, and probably never see the light of day again

1 Reply

Anonymous 1

Hey I am on Medial • 1y

Another Indian-origin person making headlines in the US tech scene... but this time for all the wrong reasons time. Yaar, why can't we just stick to being CEOs without the fraud?

Gautam Pareek

याचना नहीं अब रण होग... • 1y

In between building a building we all had cash in flow of vendors, clients and its easy money but the diffrence is only 'Niyat'

Anonymous 5

Hey I am on Medial • 1y

Indian ceos rocking and shocking 😂💪

Anonymous 4

Hey I am on Medial • 1y

Waiting for the inevitable Bollywood movie on this. "The Big Short: Desi Edition" coming to theaters near you!

Anonymous 2

Hey I am on Medial • 1y

Ab ye toh refugee lene uk nahi bhag paayega, India mei hi aisa kyu hota hai?

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