Greenwich Man Embezzled $54 Million: Indictment

GREENWICH, CT- A Greenwich man is accused of embezzling $54 million from a private equity firm.

Iftikar Ali Ahmed, aka Ifty, 44, was indicted in U.S. District Court in Boston on wire fraud and false tax statement charges.

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He is a fugitive from justice and fled the country in April 2015 while on pre-trial release, according to the U.S. Attorney District of Massachusetts office.

The indictment alleges that between 2004 and April 2015, Ahmed embezzled more than $54 million from the private equity firm for which he worked as a general partner and fund manager.

Ahmed submitted false invoices, overstated prices, and set up fraudulent bank accounts, according the indictment. He used the funds to buy a $9.6 million Greenwich home and a luxury condominium in New York for $8.6 million.

Ahmed persuaded his private equity firm to invest $20 million in an international company and justified the price using false financial documents, according to the indictment. About $18 million of that money made its way into Ahmed's account and some of it was transferred to his wife to buy a luxury condo in New York City.

The charge of wire fraud provides for a sentence of no greater than 20 years in prison, three years of supervised release and a fine of $250,000 on each count. The charge of making false statements in income tax returns provides for a sentence of no greater than three years in prison, one year of supervised release, and a fine of $1 million on each count.