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Illinois doctor pleads guilty to $1.6M tax evasion
Sriram funneled around $600,000 from the U.S.-based bank accounts into accounts under his control in India to evade tax.
Tax Division / Department of Justice
A physician from Illinois pleaded guilty to tax evasion amounting to approximately $1.6 million, the Justice Department’s Tax Division said.
Krishnaswami Sriram, a Lake Forest resident, on March 13 admitted in court that between 2011 and 2017, he engaged in multiple deceptive practices to evade tax liabilities. He transferred ownership of two rental properties into his children’s names without their knowledge while continuing to collect income from them.
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Additionally, he funneled around $600,000 from the U.S.-based bank accounts into accounts under his control in India. Prosecutors revealed that Sriram also submitted misleading financial disclosures to the IRS, failing to report an investment account in the United States, multiple bank and investment accounts in India, and his ownership of rental properties.
Apart from tax evasion, Sriram admitted to fraudulently billing Medicare over a span of ten years. From February 2012 to January 2022, he claimed reimbursements for in-home physician services allegedly provided to Medicare patients—many of whom were either hospitalized or deceased at the time. This scheme resulted in improper Medicare billings totaling $136,980.36.
Sriram is set to be sentenced on June 10 and faces a maximum of five years in prison. He could also be subject to supervised release, financial restitution, and additional monetary penalties. A federal judge will determine the final sentence, taking into account statutory guidelines.
The IRS Criminal Investigation unit led the probe, and the case is being prosecuted by Assistant U.S. Attorney Sara E. Henderson from the Northern District of California, with support from Trial Attorney Victor Yanz of the Justice Department’s Criminal Division Fraud Section.
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