An Indian-born Apple employee was sentenced to three years in prison. He has been forced to pay almost $19 million to the corporation for stealing $17 million from it.
According to a press statement issued by the US Attorney’s Office, he used Apple Pay for things that the company never received. Prasad, who worked as a buyer in Apple’s worldwide service supply chain from 2008 to 2018, was accused in March 2022 and pled guilty in November last year to conspiring to defraud Apple and related tax offences.
According to the study, Prasad admitted to taking kickbacks from Apple, stealing parts, fabricating invoices, and billing the firm for things that were never delivered. He also agreed to colluding on these crimes with the proprietors of two vendor companies and dodging taxes on the revenues. According to the US Department of Justice, Prasad took advantage of his position at Apple and used insider information about the company’s fraud detection procedures to conceal his criminal acts.
Prasad spent ten years at Apple. His role was to purchase parts for Apple to utilise in repairing old gadgets that were still covered by warranty.He collaborated with two companies that also sold parts to Apple, and the three of them defrauded Apple of more than $17 million. Prasad did not pay taxes on the money he earned from this as well.
“According to the government’s sentencing memorandum, Prasad was given substantial discretion to make autonomous decisions to benefit his employer as a result of his position at Apple.” Prasad broke this trust by abusing his power to benefit himself at the expense of his employer – all while receiving hundreds of thousands of dollars in salary and bonuses from Apple. Furthermore, Prasad used his insider knowledge of the company’s fraud-detection techniques to design his criminal schemes to avoid detection,” according to the press release.
Prasad had a terrific career at Apple, where he had the authority to make business decisions. Instead, Steve utilised his influence to enrich himself as Apple suffered significant financial losses. He even knew how Apple would try to capture individuals doing what he was doing, so he avoided being caught.
Prasad is now facing three years in prison and must return all of the money and assets he obtained by defrauding Apple. He must also repay the money he did not pay in taxes. He will be rigorously monitored for three years once he is released from prison.Michael G. Pitman and Karen Beausey are the people who apprehended and prosecuted Prasad. They collaborated with the IRS to investigate what he was up to.
