A Lake Forest, Ill., physician was sentenced to 34 months in prison for fraud, hiding assets and lying to the IRS about his ability to pay $1.6 million in taxes, penalties and interest, the Justice Department said in an Aug. 20 news release.
What happened?
- From 2011 to 2017, Krishnaswami Sriram, MD, evaded about $1.6 million owed to the IRS. He transferred ownership of two rental properties to his children without their knowledge while continuing to collect income, and moved $700,000 from U.S. accounts to India.
- To reduce his debt, Dr. Sriram submitted false documents omitting investment accounts in the U.S. and India, as well as the rental properties. In total, he caused a $1.6 million tax loss.
- Between 2012 and 2022, he also billed Medicare for in-home care that never occurred — including for deceased patients or those in facilities. His false records resulted in $136,980 in improper Medicare payments.
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