A former Takeda employee has been convicted of multi-million dollar fraud

A woman who worked at Takeda Pharmaceuticals, Massachusetts’ largest biotech company, was sentenced Thursday to prison for defrauding the company of at least $2.5 million, the office of Acting U.S. Attorney for Massachusetts Joshua S. Levy announced .

Priya Bhambi, 40, of Brookline, will serve 46 months in prison, followed by two years of supervised release. He must also pay $2,585,480 in restitution, give up a Mercedes-Benz, more than $1 million in fraudulent proceeds, a nearly $50,000 wedding venue deposit, a diamond engagement ring and a apartment in the seaport.

In June, Bhmabi pleaded guilty to three counts of wire fraud and one count of conspiracy to commit wire fraud. She and a person who 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 purported consulting services by sending fabricated invoices for a sham consulting company. Bhambi engaged in a similar fraud in the past with another fake consulting company, where he earned nearly $300,000 for consulting services he did not 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 look like a legitimate business.

After the company’s incorporation, prosecutors say the pair submitted a statement of work to Takeda, which ultimately led it to issue a purchase order for more than $3.5 million in consulting services. Between March and May 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 statements about 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 buy luxury items such as the Mercedes-Benz, the engagement ring and the apartment, according to the affidavit.

“Sheer greed drove Priya Bhambi to take advantage of her highly compensated senior 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 that her nearly half a million dollar salary at Takeda was not enough, so she orchestrated an elaborate scheme to financial fraud to steal. millions more to increase his salary.”

The person prosecutors say acted as Bhambi’s co-conspirator in the fraud is scheduled to go on trial in December.