A Lake Forest, Ill., physician has pleaded guilty to tax evasion for hiding assets and lying to the IRS about his ability to pay approximately $1.6 million in taxes.
What happened?
- From 2011 to 2017, Krishnaswami Sriram, MD, evaded payment of around $1.6 million owed to the IRS.
- Dr. Sriram took several actions, including transferring the ownership, on paper only, of two rental properties to his children without their knowledge, while still collecting income from the properties.
- He also transferred about $600,000 from U.S. accounts to India and submitted false documents to the IRS, omitting an investment account, Indian bank and investment accounts, and rental property ownership to evade taxes.
- Additionally, between 2012 and 2022, Dr. Sriram falsely billed Medicare $136,980 for in-home visits on dates when patients were hospitalized or deceased.
What’s next?
- Dr. Sriram is scheduled to be sentenced on June 10 and faces a maximum penalty of five years in prison.
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