A woman who worked at Takeda Pharmaceuticals, Massachusetts’ largest biotech company, was sentenced to prison on Thursday for defrauding the company of at least $2.5 million, acting U.S. Attorney for Massachusetts Joshua S. Levy’s office announced.
Priya Bhambi, 40, of Brookline, will serve 46 months in prison followed by two years of supervised release. She must also pay $2,585,480 in restitution, forfeit a Mercedes-Benz, more than $1 million in proceeds from the fraud, a nearly-$50,000 wedding venue deposit, a diamond engagement ring and a condo in the Seaport.
In June, Bhmabi pleaded guilty to three counts of wire fraud and a single count of conspiracy to commit wire fraud. She and a person prosecutors say acted as a co-conspirator were charged in March 2023.
Between January and October 2022, prosecutors say Bhambi and another person defrauded Takeda of at least $2.3 million for supposed consulting services by submitting fabricated invoices for a sham consulting company. Bhambi had engaged in a similar fraud in the past with a different sham consulting company, where she earned close to $300,000 for consulting services she didn‘t provide, according to Levy’s office.
In February 2022, the person prosecutors say acted as Bhambi’s co-conspirator incorporated Evoluzione Consulting, LLC. Bhambi created a website for the company to make it appear as a legitimate business.
After incorporating the company, prosecutors say the pair submitted a statement of work to Takeda that ultimately led it to issue a purchase order for more than $3.5 million in consulting services. Between March and May of 2022, prosecutors say Bhambi and her co-conspirator submitted five invoices for services they did not provide, each totaling $460,000, Levy’s office said.
When Takeda employees questioned the pair, they “made false representations regarding the services purportedly provided by Evoluzione.” Before discovering the fraud, Takeda paid all five invoices, Levy’s office said.
Prosecutors say Bhambi and her co-conspirator used the $2.3 million they fraudulently obtained from Takeda to purchase luxury items like the Mercedes-Benz, engagement ring and condo, according to the statement.
“Pure greed drove Priya Bhambi to take advantage of her senior-level, highly compensated position at Takeda to steal millions of dollars from the company,” Levy said in a statement.
Jodi Cohen, special agent in charge of the Federal Bureau of Investigation, Boston Division, added, “Priya Bhambi apparently felt her nearly half-a-million-dollar salary at Takedawasn’t enough, so she orchestrated a complex financial fraud scheme to steal millions more to enhance her paycheck.”
The person prosecutors say acted as Bhambi’s co-conspirator in the fraud is scheduled to go to trial in December.
