Former Apple employee admits to defraud the company out of $17 million!

A former Apple employee made some statements about fraudulent transactions through the company. Surprising confessions quickly resonated on social media. For defrauding Apple of more than $17 million, a former employee has admitted guilt. According to the US Attorney's Office for the Northern District of California, Dhirendra Prasad admitted to "taking kickbacks, inflating invoices, stealing parts and causing Apple to pay for items and services never received."

Former Apple employee admits to defraud the company out of $17 million!

These plans were initiated in 2011 by Prasad and continued until 2018. Prasad admitted to engaging in tax fraud in addition to defrauding Apple. He sent direct payments to his creditors from Robert Gary Hansen, another co-conspirator who has admitted to participating in the schemes. In addition, Prasad made arrangements for a for-profit company to send CTrends fictitious invoices in order to conceal Baker's illegal payments to him. According to the US Attorney's Office, this allowed Baker "to claim hundreds of thousands of dollars of unjustified tax deductions."

Prosecutors assert that the frauds cost the IRS more than $1.8 million in total losses. In March, Prasad will receive a sentence. He confessed to one count each of conspiracy to commit mail and wire fraud, each of which carries a maximum sentence of 20 years in prison. Additionally, Prasad pleaded guilty to a single count of conspiracy to defraud the United States, which carries a maximum prison term of five years.In addition, Prasad agreed to forfeit approximately $5 million worth of assets, including real estate properties, that he had acquired as a result of his criminal activities.