Who Is Rishi Shah, Indian-American Jailed For ₹ 8,300 Crore Fraud In US?

Rishi Shah has been sentenced to seven and a half years in prison for his role in a massive ₹ 8,300 crore ($1 billion) fraud. He is a 38-year-old Indian-American entrepreneur and co-founder of Outcome Health’s advertising startup. He used his advertising company to scam investors such as Goldman Sachs Group Inc., Google parent Alphabet Inc., and the venture capital firm of Illinois Governor JB Pritzker.

A federal jury convicted Shah on over a dozen charges, including fraud and money laundering in 2023. Shradha Agarwal and Brad Purdy the co-founders of the company were also found guilty.

Agarwal received a sentence of three years in a halfway house, while Purdy was sentenced to two years and three months in prison.

The US Securities and Exchange Commission (SEC) filed a civil lawsuit against Shah, Agarwal, Purdy, and former chief growth officer Ashik Desai. Desai pleaded guilty before the trial.

Know more about Rishi Shah-

1. Rishi Shah co-founded JumpStart Ventures in 2011, where he served as Chairman and Managing Director making over 60 direct investments in health technology, education technology, and media.

2. He is from a good family, his father is a doctor. Rishi Shah attended Harvard’s summer economics program in 2005. He later studied at Northwestern University.

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3. In 2006, Shah founded Outcome Health (formerly Context Media Health). Under his leadership, the company saw growth and became a major player in the tech and healthcare sectors by the mid-2010s.

4. Shah is a member of the Board of Directors for the Young Presidents Organization (YPO). He advises tech startup accelerators, incubator programs, nonprofits, and universities.

He came into the news and headlines when in 2017 the Wall Street Journal exposed fraud activities at Outcome Health. Where Shah’s net worth was falsely reported to be over $4 billion. The news got heated and now it resulted in a sentence!