An Illinois-based doctor, Krishnaswami Sriram, has pleaded guilty to a massive tax evasion scheme, where he hid his wealth and lied to the IRS about his financial situation. Over the years, he avoided paying approximately $1.6 million in taxes, penalties, and interest. His deceptive tactics included transferring property ownership to his children without their knowledge, shifting large sums of money to foreign accounts, and omitting vital financial details when dealing with tax authorities.
According to official reports, Dr. Sriram, who lived in Lake Forest, Illinois, evaded paying his taxes from 2011 to 2017. Instead of fulfilling his tax obligations, he manipulated records and concealed assets. One major step he took was transferring two rental properties into his children’s names but continuing to receive income from them. His children were completely unaware of this move.
Additionally, Dr. Sriram transferred approximately $600,000 from his U.S. bank accounts to accounts in India. By doing so, he aimed to reduce his reported wealth and avoid paying the IRS what he rightfully owed. He further failed to disclose an investment account in the U.S., various bank and investment accounts in India, and ownership of rental properties. These tactics helped him hide his true financial situation from tax authorities, ultimately leading to a massive tax loss for the IRS.
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Fraudulent Medicare Billing Adds to Legal Troubles
Apart from tax evasion, Dr. Sriram also admitted to fraudulently billing Medicare for medical visits that never actually took place. This fraudulent activity spanned a decade, from 2012 to 2022. He falsely claimed he provided in-home physician care to Medicare patients when, in reality, those patients were either staying in hospitals or had already passed away.
This deceitful act led to false Medicare billing amounting to $136,980.36. Dr. Sriram fabricated medical records to support these fraudulent claims, making it seem like he had treated patients when he had not. This type of fraud is considered a serious offense, as it not only steals taxpayer money but also undermines the integrity of healthcare programs meant to support those in need.
The case was thoroughly investigated by IRS Criminal Investigation, a division responsible for uncovering tax fraud and financial crimes. The fraudulent Medicare billing issue was also closely examined, leading to the discovery of Dr. Sriram’s dishonest financial practices.
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Facing Serious Legal Consequences
Following his guilty plea, Dr. Sriram is now awaiting sentencing, which is scheduled for June 10. He faces a maximum prison sentence of five years, along with supervised release, potential restitution payments, and other monetary penalties. A federal judge will determine the final sentence, taking into account the U.S. Sentencing Guidelines and additional statutory factors.
The case was brought forward by the Justice Department’s Tax Division, which works to ensure that individuals who evade taxes are held accountable. The prosecution was led by Assistant U.S. Attorney Sara E. Henderson and Trial Attorney Victor Yanz from the Criminal Division’s Fraud Section.
This case serves as a reminder that tax evasion and fraudulent medical billing are serious crimes. Authorities remain committed to tracking down individuals who attempt to cheat the system and ensuring that they face justice. With the guilty plea now official, Dr. Sriram’s fate rests in the hands of the court, which will soon decide the full extent of his punishment.
