In a shocking turn of events, Sajju Khatiwada, the former Assistant Treasurer at Bridgestone Americas, has been arrested and charged in a multi-million-dollar wire fraud and money laundering scheme. The charges filed by the U.S. Department of Justice allege that Khatiwada used his position at the company to fraudulently steal nearly $15 million. The scheme ran from August 2020 until April 2024, and investigators say Khatiwada submitted fake invoices to Bridgestone for money he claimed the company owed to a non-existent business.
How the Scheme Worked at Bridgestone
Sajju Khatiwada began working for Bridgestone Americas in 2016 and had worked his way up to the position of Assistant Treasurer in the company’s Capital Planning and Funding department by the time the fraud took place. In this important role, Khatiwada was responsible for managing relationships with banks, including overseeing the payments of credit card processing fees for Bridgestone retail locations across the United States. These responsibilities gave him access to sensitive company financial information, which he would later exploit.
In 2020, Khatiwada created a fake company called Paymt-Tech, LLC, and began submitting fraudulent invoices to Bridgestone for “bank fees” that were never actually owed. Using his company email, he sent the false invoices month after month, asking for payment to his bogus business. The invoices appeared to be from a legitimate vendor, but in reality, Paymt-Tech was a completely fake company set up to funnel money directly into Khatiwada’s own accounts.
From August 2020 until April 2024, Khatiwada submitted a total of 47 false invoices, amounting to $14.9 million. These fake invoices were processed and paid by Bridgestone, with employees believing they were paying for actual services. This continued unchecked for years because of Khatiwada’s position within the company and the trust Bridgestone placed in him.
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How the Fraud Was Uncovered
The fraud began to unravel when Khatiwada left his position at Bridgestone in April 2024. After his departure, the company’s accounting department noticed an unusual decrease in monthly bank fees that had been consistently paid to the supposed vendor, Paymt-Tech. This raised suspicions, prompting an internal review of the payments.
When the accounting team dug deeper into the records, they found the 47 fake invoices that had been submitted over the years. The payments to Paymt-Tech were traced back to Khatiwada, and it became clear that he had been siphoning off nearly $15 million from Bridgestone through his scheme. The discovery of this massive fraud led to an immediate investigation by the Federal Bureau of Investigation (FBI), who confirmed that Khatiwada had used his position to illegally profit from the company.
The Legal Consequences
Khatiwada now faces serious legal charges for his actions. If convicted, he could spend up to 20 years in federal prison for wire fraud and another 10 years for money laundering. In addition to the lengthy prison sentence, Khatiwada may be ordered to pay a fine of up to twice the amount of money he laundered—nearly $30 million.
This case has brought significant attention due to the scale of the fraud and the involvement of a senior employee within a major corporation like Bridgestone. The incident also underscores the need for companies to have strong internal controls and auditing systems in place to prevent fraud, especially when trusted employees are involved.
Khatiwada’s arrest sends a strong message that corporate fraud will be vigorously pursued, but it also highlights the critical role that vigilant employees and accounting departments play in protecting companies like Bridgestone from financial crime.
This case is still ongoing, and more details may emerge as the investigation continues. The discovery of this fraud not only impacts Bridgestone but also serves as a cautionary tale for other businesses, showing the importance of regularly reviewing financial transactions to ensure the integrity of company funds.
